Securitize, a tokenization platform, collaborates with Ethena to launch an institutional-grade DeFi blockchain

On March 18, Tokenization platform Securitize and Ethena Labs collaborated closely with BUIDL Fund under BlackRock to create a Ethereum-compatible blockchain called Converge. The blockchain is designed to host tokenized assets and innovate in Decentralized Finance (DeFi) for institutional investors. Ethena will migrate its $6 billion DeFi ecosystem to Converge. Ethena offers an interest-bearing token called USDe and a USDtb stablecoin supported by BUIDL. Meanwhile, Securitize, the transfer agent for BlackRock's BUIDL Fund, will bring a series of tokenized real-world assets (RWA) to this new on-chain, including the recently issued Apollo Credit Fund Token. Securitize and Ethena have brought a strong set of initial partners to Converge, including Pendle, Avara (Aave Labs' parent company), Ethereal, Morpho, and Maple Finance. Custodial services will be provided by Copper, Fireblocks, Komainu, and Zodia, while interoperability will be supported by LayerZero, Wormhole, and RedStone's Oracle Machine. Converge will be compatible with the Ethereum Virtual Machine (EVM), allowing it to run Ethereum-based smart contracts, dApps, and tools without modification. Ethena's native governance token ENA will serve as a stakeable asset on Converge (via sENA), securing the network through a set of validators consisting of TradFi entities and centralized exchanges. Both USDe and USDtb will serve as gas tokens for the network.