Ethena and Securitize Launch Converge, a New EVM Blockchain for TradFi
Ethena and Securitize have announced the launch of Converge, a specialized EVM-compatible blockchain designed to connect traditional financial institutions with DeFi innovations.
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The new platform is optimized for both retail users and institutional investors, offering seamless access to digital dollars (USDe, USDtb, and other similar crypto assets), which have the potential for widespread adoption in traditional finance.
Moreover, Converge aims to meet the growing market demand for a secure, high-performance environment for settling and storing tokenized assets.
Key Features and Functionality of Converge
Converge is an EVM-compatible network, allowing seamless deployment of smart contracts, apps, and tools without requiring code modifications. Its primary use cases include settlements for DeFi trading, as well as custody and transactions for stablecoins and tokenized assets.
Our vision is to provide the first purpose built settlement layer where TradFi will merge with DeFi, centered on USDe & USDtb and secured by ENA,
Ethena wrote on X.
Additionally, Ethena plans to migrate its DeFi ecosystem, which currently holds nearly $6 billion in assets under management, to Converge. Key products—USDe, USDtb, and iUSDe—will be natively integrated into the network, facilitating efficient interaction between digital and traditional financial instruments.
At the same time, Securitize, which has already tokenized approximately $2 billion in assets, will use Converge as an issuance layer for future tokenized products, including a wide range of securities.
Related: Ethena: An Overview of Its Team, Funding, Community, and Roadmap
Partners and Technological Solutions
The launch of Converge is backed by close collaboration with leading players in both DeFi and traditional finance. Key partners include Horizon by Aave Labs, Pendle, Morpho, Maple Finance, and Ethereal Dex, which have expressed strong interest in developing institutional products on the new network.
The technological infrastructure of Converge is powered by cross-chain interoperability solutions such as LayerZero and Wormhole, along with oracle services from PythNetwork and RedStone. Moreover, Converge has partnered with industry leaders such as Anchorage, Copper, Fireblocks, KomainuCustody, and ZodiaCustody to provide institutional-grade security and user services.
Future Prospects and Market Impact
The launch of Converge is set for Q2 2025. The platform’s innovative design could enable institutional players to access regulated DeFi products, addressing the growing demand for infrastructure that can support large-scale capital flows.
We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets,
Ethena Labs stated in a Medium blog post.
By enhancing efficiency, lowering transaction costs, and introducing new financial products, Converge is poised to open new opportunities for investors in both crypto and traditional finance.
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