Securitize and Ethena Launch Converge Blockchain for Institutional DeFi
Securitize and Ethena Labs have launched Converge, an Ethereum-compatible blockchain aimed at tokenized assets and institutional DeFi innovation. Key points include:
- Securitize and Ethena are associated with BlackRock’s BUIDL money market token.
- Ethena will migrate its $6 billion DeFi ecosystem to Converge, introducing a yield-bearing USDe token and a BUIDL-backed USDtb stablecoin.
- Securitize will transfer its tokenized real-world assets, including the Apollo credit fund token, to Converge.
- Converge aims to facilitate the integration of traditional financial assets into DeFi.
- The blockchain will support Ethereum-based smart contracts, dApps, and operate efficiently like leading blockchains.
- Ethena's governance token, ENA, will secure the network alongside USDe and USDtb as gas tokens.
- The public chain incorporates a KYC framework for regulated asset participation.
Both companies aim to create new use cases and products that merge traditional finance with decentralized finance.