Migliaccio & Rathod LLP is investigating losses suffered by holders of the USDe stablecoin after German regulators forced Ethena to shut down in 2025.

Sudden Forced Redemption of USDe Stablecoin by Ethena

In March 2025, Germany’s financial regulator (BaFin) ordered Ethena GmbH to stop selling its USDe token and freeze reserves. A short 42-day redemption window was given, leaving many everyday investors scrambling to cash out. Those who missed the deadline or sold on secondary markets often took heavy losses.

Why This Could Violate Consumer Protections

Consumers bought USDe expecting it to function like a stable, dollar-backed asset. Instead, they were caught off guard by a sudden freeze and inadequate notice. This situation is similar to a prepaid card company canceling balances with little warning.

Were You Unable to Redeem USDe in Time?

You held USDe tokens in Europe as of March 2025
You were unable to redeem during the short window ending August 6, 2025
You sold your tokens at a steep discount to exit

If you lost money due to Ethena’s forced redemption of USDe, contact us at [email protected] or (202) 470-3520.

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