$ENA Ethena has reached an agreement with Germany's BaFin, and USDe has begun a 42-day redemption process, completely withdrawing from the EU.

Redeem by August 6; after that, you'll have to rely on the offshore structure in the BVI—this is actually significant, as it marks the official liquidation of the compliance pathway in Germany and throughout Europe.

To be honest, this is not a direct negative for $ENA , but it is certainly not a positive either. There were hopes for some narrative to be built around Europe, but that has now been cut off.

$USDe is essentially a 'substitute for US Treasury yields' under non-US regulation, but this round of regulatory conflict shows that its operational space is still very limited.

If you were holding $ENA with the expectation of stablecoin market share in the medium to long term, it might be time to reassess.