Today in crypto, digital assets will now be recognized as reserve assets for certain home loans in the United States. Ethena Labs and Germany’s BaFin have finalized a 42-day redemption plan for USDe, resolving a months-long regulatory dispute, and Polymarket is reportedly closing in on a $200 million funding round at a $1 billion valuation.
US home mortgage regulator to recognize crypto assets in risk assessments
US home mortgage purchasers Fannie Mae and Freddie Mac will count cryptocurrencies as assets in their risk assessments for single-family home loans, marking a significant step toward the mainstream acceptance of digital assets under US President Donald Trump’s administration.
The directive was issued Wednesday by William J. Pulte, director of the Federal Housing Finance Agency (FHFA), which regulates both government-sponsored enterprises (GSEs).
The decision means cryptocurrencies will be considered a reserve asset for home-loan borrowers without having to convert those assets into US dollars, as was previously the case. The FHFA has overseen Fannie Mae and Freddie Mac since 2008, when both institutions were placed under government conservatorship in the aftermath of the financial crisis.
Pulte said the decision to include cryptocurrencies as part of the mortgage risk assessment came “after significant studying” and aligns with Trump’s goal to make the United States the global crypto capital.
Fannie Mae and Freddie Mac have played a critical role in the US housing market since the subprime mortgage crisis, providing liquidity and stability by purchasing mortgages from lenders, which enables lenders to issue more loans.
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.
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.
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?”