Ethena Labs has reached an agreement with German regulators on the redemption plan for USDe stablecoin holders.

Odaily News Ethena Labs announced on Wednesday that the Federal Financial Supervisory Authority BaFin of Germany has reached an agreement with the company's German subsidiary Ethena GmbH on the redemption plan for USDe stablecoin holders and has initiated a 42-day redemption process for stablecoin holders. The Federal Financial Supervisory Authority (BaFin) stated that USDe holders must submit their redemption requests directly to Ethena GmbH by August 6. This process will be supervised by a special representative appointed by BaFin. (Cointelegraph)