Ethena stated that since BaFin’s March 21 halt of it’s sale of USDe stablecoins, its German subsidiary has not minted or redeemed them, with all such activities handled by its British Virgin Islands entity, Ethena Limited

Event date

Apr 15, 2025 - 12:00am

Quotes that support claims

In a statement posted to X, Ethena Labs confirmed it had reached an agreement with BaFin to wind down all activities of its German entity. The company emphasized that since March 21, all minting and redemption of USDe have been conducted through Ethena Limited, its entity in the British Virgin Islands. Users previously onboarded through Ethena GmbH have transitioned to the BVI platform, and the German entity no longer has any customers or active operations.

The company reiterated that Ethena’s German subsidiary has not conducted any mint or redeem activity for USDe since March 21, the day BaFin halted the stablecoin’s activities