EVM-Compatible Blockchain for DeFi and RWA Set to Launch

The launch of Converge, a blockchain specifically designed to support and develop institutional projects in decentralized finance (DeFi) and tokenized real-world assets (RWA), was announced.

Ethena Labs and Securitize revealed plans for Converge, an EVM-compatible blockchain optimized for DeFi and RWA projects. The network aims to provide institutional investors with access to innovative financial instruments while ensuring regulatory compliance. The launch is scheduled for Q2 2025.

Converge will cater to both institutional investors and retail users. The platform will feature standard DeFi apps alongside specialized products developed in collaboration with industry leaders. Among the first partners of Converge are Pendle, Aave Labs (Horizon), Ethereal, Morpho, and Maple Finance.

The Converge network will be compatible with leading infrastructure solutions. Institutional custodial storage will be provided by Anchorage, Copper, Fireblocks, Komainu, and Zodia. Interoperability will be ensured through LayerZero, Wormhole, and oracle services from RedStone and Pyth.

A governance token of the Converge ecosystem will be Ethena (ENA), which can be staked via sENA. Transaction fees on the network will be paid using the USDe and USDtb stablecoins, developed in collaboration between Ethena and Securitize.

Ethena Labs will migrate its existing DeFi ecosystem, currently managing assets worth approximately $6 billion, to Converge. Securitize plans to issue tokenized assets on the network, expanding its RWA portfolio, which currently stands at around $2 billion.

Guy Young, Founder of Ethena Labs, emphasized that Converge aims to fill a significant market gap by becoming the primary settlement layer for institutional DeFi and RWA projects. Carlos Domingo, Co-Founder and CEO of Securitize, highlighted that Converge is being developed to address a critical issue — the lack of regulated institutional infrastructure for DeFi operations.

Ripple Labs recently announced plans to enhance DeFi infrastructure for institutional users on the XRP Ledger blockchain, including new liquidity mechanisms, digital identity solutions, and lending protocols.