Securitize and Ethena Launch Institutional DeFi Blockchain for Tokenized Assets
The Converge blockchain was created to introduce DeFi to tokenized real-world assets and is interoperable with Ethereum.
Converge, an Ethereum-compatible blockchain was developed by Securitize and Ethena Labs, two companies that collaborate closely with BlackRock's money market token BUIDL. Its purpose is to house tokenized assets and introduce institutional investors to decentralized finance (DeFi).
While Securitize, the transfer agent for BlackRock's BUIDL token, will bring its suite of tokenized real-world assets (RWAs), including the recently issued Apollo credit fund token, to the new chain, Ethena, which provides a yield-bearing USDe token and a USDtb stablecoin backed by BUIDL, will move its $6 billion DeFi ecosystem to Converge.
There has been a deliberate attempt since DeFi's inception to go beyond cryptocurrency and use conventional assets as collateral. It makes sense for companies like Securitize and Ethena to provide an institutionally friendly route to DeFi, as conventional financial businesses are now vying for market share in the tokenization race.
Pendle, Avara (the parent business of Aave Labs), Ethereal, Morpho, and Maple Finance are among the strong group of original partners that Securitize and Ethena have brought to Converge. Copper, Fireblocks, Komainu, and Zodia will provide custodial services, and RedStone will provide interoperability through LayerZero, Wormhole, and Oracle support.
Converge will be able to execute Ethereum-based tools, dApps, and smart contracts without requiring any changes because of its compatibility with the Ethereum Virtual Machine (EVM). According to a press release, its performance will be comparable to that of the major blockchains in the business. Guy Young, the creator of Ethena, stated that new products from Securitize would be placed on the Converge blockchain, creating new use cases for what can be produced with it.
https://bizfortune.com/2025/03/securitize-ethena-launch-institutional-defi-blockchain-tokenized-assets
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