Securitize, a tokenization platform, collaborates with Ethena to launch an institutional-grade DeFi blockchain

GateUser-6433627c · 2025-03-17T23:19:04+00:00

Securitize has partnered with Ethena Labs to create the Converge blockchain, designed to host tokenized assets and provide Decentralized Finance services to institutional investors. Ethena has migrated its $6 billion Decentralized Finance ecosystem to Converge, including the USDe and USDtb stablecoins. Securitize will move a range of RWA assets to the chain, including the Apollo credit fund Token. Initial partners of Converge include Pendle, Avara, Ethereal, etc., with custody services provided by Copper, Fireblocks, etc. ENA will serve as the governance token for Converge, while USDe and USDtb will be used as gas tokens. Converge is compatible with Ethereum, allowing the running of Ethereum smart contracts and tools.

GateUser-6433627c

2025-03-17 23:19:04

Abstract generation in progress

On March 18, Tokenization platform Securitize and Ethena Labs collaborated closely with BUIDL Fund under BlackRock to create a Ethereum-compatible blockchain called Converge. The blockchain is designed to host tokenized assets and innovate in Decentralized Finance (DeFi) for institutional investors. Ethena will migrate its $6 billion DeFi ecosystem to Converge. Ethena offers an interest-bearing token called USDe and a USDtb stablecoin supported by BUIDL. Meanwhile, Securitize, the transfer agent for BlackRock’s BUIDL Fund, will bring a series of tokenized real-world assets (RWA) to this new on-chain, including the recently issued Apollo Credit Fund Token. Securitize and Ethena have brought a strong set of initial partners to Converge, including Pendle, Avara (Aave Labs’ parent company), Ethereal, Morpho, and Maple Finance. Custodial services will be provided by Copper, Fireblocks, Komainu, and Zodia, while interoperability will be supported by LayerZero, Wormhole, and RedStone’s Oracle Machine. Converge will be compatible with the Ethereum Virtual Machine (EVM), allowing it to run Ethereum-based smart contracts, dApps, and tools without modification. Ethena’s native governance token ENA will serve as a stakeable asset on Converge (via sENA), securing the network through a set of validators consisting of TradFi entities and centralized exchanges. Both USDe and USDtb will serve as gas tokens for the network.

DEFI-2.84%

ENA1.27%

ETH0.4%

USDE0.03%

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