Ethena and Securitize launch Converge, a new institutional-grade EVM chain for tokenized assets

Ethena Labs, the tokenization firm behind the synthetic dollar USDe and USDtb stablecoin backed by BlackRock’s BUIDL fund, plans to move its $6 billion DeFi ecosystem to Converge , a new Ethereum-compatible blockchain it built in partnership with Securitize.

Converge, built using the Ethereum Virtual Machine, aims to make DeFi more accessible to institutions by providing compliant settlement and custodial services, according to an announcement on Monday. The public network will integrate a native know-your-customer (KYC) wrapper and provide access to Ethena and Securitize’s whitelisted investment products. 

"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 said. "We see two core use cases for blockchains: i) Settlement for permissionless spot and leveraged DeFi speculation ii) Storage and settlement for stablecoins and tokenized assets."

The companies have tapped Copper, Fireblocks, Komainu and Zodia for custodial services, and have brought on major DeFi protocols Aave, Ethereal, Maple Finance, Morpho and Pendle as launch partners. This protocol can be accessed permissionlessly, and will run in parallel to Converge’s “permissioned application set” of products like Ethena's iUSDe and USDtb and Securitize's fixed-income products.

Securitize has issued about $2 billion worth of onchain securities, including Blackrock’s BUIDL, which recently crossed $1 billion in assets under management, and funds from Apollo, Hamilton Lane and KKR. The firm will use Converge as the issuance layer for existing and future tokenized assets, including new permissioned products like leveraged credit, "single name equities" and perpetual swaps.

"There is a whole world of fixed income products coming onchain," Ethena founder Guy Young said Monday at the Tokenize conference in New York City.

Converge is expected to launch sometime in the second quarter of 2025. The network will be secured by validators that stake Ethena's ENA token.