The issuer of the stablecoin USDe, Ethena Labs, and the RWA platform Securitize have announced the launch of the Converge blockchain, designed to support and promote DeFi and tokenized assets.
Introducing @convergeonchain: The settlement network for traditional finance and digital dollars, powered by @ethena_labs and @Securitize
Our vision is to provide the first purpose built settlement layer where TradFi will merge with DeFi, centered on USDe & USDtb and secured by… https://t.co/BdOMMflqNl pic.twitter.com/sYxS6p9T8W
— Ethena Labs (@ethena_labs) March 17, 2025
According to the description, the new EVM network is optimized to offer DeFi products to both retail and institutional players.
The network is expected to go live in the second quarter of 2025 with a set of approved validators, consisting of traditional financial institutions and centralized exchanges.
The governance token Ethena (ENA) will serve as a staking asset for Converge, playing a key role in ensuring the blockchain’s security. The stablecoins USDe and USDtb will act as gas tokens for the network.
EVM compatibility will allow seamless deployment of smart contracts, dapps, and other Ethereum-based tools. To ensure compliance, DeFi applications intended for institutional access will be vetted through a “whitelist.”
Ethena plans to migrate its existing ecosystem to Converge, with a TVL of approximately $6 billion. Securitize, which has already issued nearly $2 billion in RWAs across various networks, intends to continue issuing tokenized assets on the new blockchain.
Initial partners for Converge will include Pendle, Ethereal, Morpho, Maple Finance, and the Horizon project from Aave Labs.
Custodial support will be provided by Anchorage, Copper, Fireblocks, Komainu, and Zodia, while cross-chain interaction will be facilitated by LayerZero and Wormhole. RedStone and Pyth will serve as on-chain oracle providers.
“Institutions are keenly observing the development of DeFi, but the lack of regulatory clarity and institutional-grade infrastructure hinders their participation. With Converge, we address this issue by creating a purpose-built blockchain designed to seamlessly connect TradFi with decentralized finance opportunities,” said Securitize co-founder and CEO Carlos Domingo.
Back in January, Ethena founder Guy Young announced the launch of a new stablecoin, iUSDe, aimed at large investors.