As we speak in crypto, Ethena Labs and Germany’s BaFin agreed on a 42-day USDe redemption plan, marking the top of a months-long regulatory dispute, Polymarket is reportedly set for a $200 million increase that may worth it at $1 billion, and New York Metropolis mayor Eric Adams criticized former New York Governor Andrew Cuomo for harming the state’s crypto trade.
German regulator closes case in opposition to Ethena GmbH over USDe issuance
Ethena Labs introduced on Wednesday that the German Federal Monetary Supervisory Authority, BaFin, and Ethena GmbH, the corporate’s German arm, have agreed on a redemption plan for USDe stablecoin holders.
The regulator stated it had initiated a 42-day redemption course of for stablecoin holders. BaFin stated USDe holders may have till Aug. 6 to declare redemption claims straight in opposition to Ethena GmbH. The method might be supervised by a particular consultant appointed by BaFin.
After the deadline, Ethena GmbH might be deemed formally wound up inside Germany, the European Union and the European Financial Space (EEA). Which means any claims from Aug. 7 onward needs to be made by means of the corporate’s offshore affiliate, Ethena (BVI) Ltd.
Ethena Labs stated that after the redemption plan is totally carried out, Ethena GmbH may have no “excellent points associated to Ethena GmbH’s USDe-related operations.” Nevertheless, the corporate didn’t point out whether or not it had plans to re-enter the EU and EEA markets.
The information comes after a four-month battle between Ethena and the German monetary regulator. On March 21, BaFin barred Ethena GmbH from publicly providing its USDe stablecoin, citing violations of the EU’s Markets in Crypto-Belongings Regulation (MiCA).
Polymarket to boost $200 million at $1 billion valuation
Blockchain prediction market platform Polymarket is finalizing a $200 million increase that may worth the corporate at roughly $1 billion, in response to experiences by Reuters and Bloomberg, citing folks aware of the matter.
Billionaire entrepreneur Peter Thiel’s Founders Fund is ready to guide Polymarket’s funding spherical, which might give the corporate “unicorn” standing regardless of its ban within the US. The platform had reportedly beforehand raised over $100 million, together with an undisclosed $50 million funding earlier in 2025.
Polymarket noticed explosive progress throughout the US elections final 12 months, with its buying and selling volumes topping $2.5 billion in November as bettors wagered on the result of the presidential and Congressional elections.
The platform permits bets on a variety of subjects, together with election outcomes and sports activities outcomes, in addition to uncommon situations like “Will the US affirm that aliens exist in 2025?” and “Will Jesus Christ return in 2025?”
New York mayor says former Governor Cuomo “destroyed” crypto trade
New York Metropolis Mayor Eric Adams lashed out in opposition to former Governor Andrew Cuomo for his “misguided” method to regulating cryptocurrencies within the state.
Talking on the Permissionless convention on Tuesday, Adams stated New York state “dismantled and destroyed” the crypto trade beneath Cuomo’s management, which spanned from 2011 till his resignation in 2021.
Cuomo is now working for mayor of New York Metropolis, with primaries scheduled this week forward of the mayoral election on Nov. 4.
Adams has emerged as an advocate for pro-crypto insurance policies within the state, vowing to “construct out the pipeline” to permit metropolis companies to be paid through digital belongings. When he was elected mayor, he accepted his first three paychecks in Bitcoin (BTC) and Ether (ETH).
Earlier this 12 months, Adams’ push for Bitcoin-backed bonds was rejected by Comptroller Brad Lander, who known as the plan “legally doubtful and fiscally irresponsible.”
