Ethena's governance token, sUSDe, can be redeemed for USDe, the platform's native token, but with certain restrictions. Direct issuer redemption is not allowed. Instead, users can unstake sUSDe, which then converts to USDe, but the redeemed USDe is not a dollar-denominated asset.
Source
"Ethena's sUSDe and USDe Breakdown" — The Defiant
This article is Bitcoincryptos' summary and analysis of reporting originally published by The Defiant. Read the full original report at the link above.
This means that users cannot withdraw redeemed USDe as dollars in a traditional bank account. The redemption process is limited to the USDe token itself, which can be used within the Ethena platform or potentially traded on external exchanges.
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