Today in crypto, Ethena Labs and Germany’s BaFin agreed on a 42-day USDe redemption plan, marking the end of a months-long regulatory dispute, Polymarket is reportedly set for a $200 million raise that would value it at $1 billion, and New York City mayor Eric Adams criticized former New York Governor Andrew Cuomo for harming the state’s crypto industry.

German regulator closes case against Ethena GmbH over USDe issuance

Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Authority, BaFin, and Ethena GmbH, the company’s German arm, have agreed on a redemption plan for USDe stablecoin holders. 

The regulator said it had initiated a 42-day redemption process for stablecoin holders. BaFin said USDe holders will have until Aug. 6 to declare redemption claims directly against Ethena GmbH. The process will be supervised by a special representative appointed by BaFin. 

After the deadline, Ethena GmbH will be deemed officially wound up within Germany, the European Union and the European Economic Area (EEA). This means that any claims from Aug. 7 onward should be made through the company’s offshore affiliate, Ethena (BVI) Ltd. 

Ethena Labs said that after the redemption plan is fully implemented, Ethena GmbH will have no “outstanding issues related to Ethena GmbH’s USDe-related operations.” However, the company did not indicate whether it had plans to re-enter the EU and EEA markets. 

Source: Ethena Labs

The news comes after a four-month conflict between Ethena and the German financial regulator. On March 21, BaFin barred Ethena GmbH from publicly offering its USDe stablecoin, citing violations of the EU’s Markets in Crypto-Assets Regulation (MiCA).

Polymarket to raise $200 million at $1 billion valuation

Blockchain prediction market platform Polymarket is finalizing a $200 million raise that would value the company at approximately $1 billion, according to reports by Reuters and Bloomberg, citing people familiar with the matter.

Billionaire entrepreneur Peter Thiel’s Founders Fund is set to lead Polymarket’s funding round, which would give the company “unicorn” status despite its ban in the US. The platform had reportedly previously raised over $100 million, including an undisclosed $50 million investment earlier in 2025.

Polymarket saw explosive growth during the US elections last year, with its trading volumes topping $2.5 billion in November as bettors wagered on the outcome of the presidential and Congressional elections.

Polymarket monthly volume dips after US elections. Source: Dune Analytics

The platform allows bets on a wide range of topics, including election outcomes and sports results, as well as unusual scenarios like “Will the US confirm that aliens exist in 2025?” and “Will Jesus Christ return in 2025?”

New York mayor says former Governor Cuomo “destroyed” crypto industry

New York City Mayor Eric Adams lashed out against former Governor Andrew Cuomo for his “misguided” approach to regulating cryptocurrencies in the state.

Speaking at the Permissionless conference on Tuesday, Adams said New York state “dismantled and destroyed” the crypto industry under Cuomo’s leadership, which spanned from 2011 until his resignation in 2021. 

Cuomo is now running for mayor of New York City, with primaries scheduled this week ahead of the mayoral election on Nov. 4.

Source: New York City Mayor Eric Adams

Adams has emerged as an advocate for pro-crypto policies in the state, vowing to “build out the pipeline” to allow city services to be paid via digital assets. When he was elected mayor, he accepted his first three paychecks in Bitcoin (BTC) and Ether (ETH).

Earlier this year, Adams’ push for Bitcoin-backed bonds was rejected by Comptroller Brad Lander, who called the plan “legally dubious and fiscally irresponsible.”