Tokenization specialist Securitize and synthetic dollar protocol Ethena Labs have jointly announced Converge, an EVM-compatible institutional DeFi blockchain designed as a settlement layer for both traditional finance and on-chain assets. Converge is positioned as a high-performance Ethereum-compatible network that focuses on two main use cases: DeFi speculation and the storage and settlement of stablecoins and tokenized assets, aiming to bridge institutional capital markets with permissionless crypto infrastructure. Ethena and Securitize plan to roll out documentation, a developer testnet, and then a mainnet launch targeted for the second quarter of the year. Architecturally, Converge is built as an EVM execution environment secured by a validator set staking Ethena’s ENA token (via sENA), with USDe and USDtb used as native gas tokens to align the network around dollar-denominated liquidity. The chain is designed around three application tiers operating within the same blockspace: a permissionless DeFi layer centered on USDe and Ethena-native products; a permissioned tier where KYC-compliant institutional participants can use iUSDe and USDtb; and a tokenized-securities tier leveraging Securitize-issued assets for credit, fixed income, and equity-like products via spot and perpetual instruments. Securitize, which has already issued roughly $2 billion of on-chain assets including BlackRock’s BUIDL fund and products from Apollo, Hamilton Lane, and KKR, will use Converge as a primary issuance and distribution layer for tokenized securities. To attract both DeFi users and traditional financial institutions, Converge is integrating major crypto infrastructure and institutional service providers from launch. Cross-chain interoperability will be supported through LayerZero and Wormhole, with price data from oracle providers such as Pyth and RedStone. On the institutional side, custodians including Anchorage Digital, Copper, Fireblocks, Komainu, and Zodia Custody are expected to support assets on Converge, addressing regulatory and operational requirements for regulated firms. Ethena plans to concentrate its institutional offerings on Converge and gradually migrate a multi-billion-dollar DeFi ecosystem to the chain, signaling an attempt to create a dedicated, compliant hub where tokenized securities, yield-bearing synthetic dollars, and traditional capital markets products coexist within a single EVM-compatible environment.

AI-generated background, compiled from web sources — not editorial content.

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