Ethena Labs & Securitize Launch Blockchain Converge for Crypto Revolution!

Jakarta, Pintu News – Recently, Ethena and Securitize officially announced the launch of Converge, a Layer-1 (L1) blockchain compatible with the Ethereum Virtual Machine (EVM).

This blockchain is specifically designed to bridge traditional finance (TradFi) with decentralized finance , while being the primary settlement layer for digital dollars and tokenized assets.

The launch of the Converge developer test network is scheduled in the next few weeks, while the launch of the mainnet is planned for the second quarter of 2025.

With support from key infrastructure such as LayerZero (ZRO), Pyth Network , Wormhole (W), and RedStone, Converge promises seamless integration between TradFi and DeFi.

Converge Ecosystem: Focus on Tokenization and Stability

As an EVM-based blockchain, Converge allows developers to build decentralized applications (DApps) with ease. The blockchain will also use ENA as its governance token, while USDe and USDtb will serve as the main gas tokens in its ecosystem.

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Ethena Labs will migrate their entire DeFi product worth approximately IDR 99.19 trillion (USD 6 billion) to Converge. On the other hand, Securitize plans to issue their tokenized assets directly on this network.

With this step, Converge will become a center of digital financial activity that combines aspects of TradFi and DeFi efficiently.

Institutional Support and Leading Crypto Projects

A number of prominent projects have expressed support for the Converge blockchain. Some big names like Horizon by Aave , Ethereal, MorphoLabs, Pendle , and Maple Finance are ready to adopt this technology.

To ensure the safety of institutional assets, Converge will rely on custodial services from Anchorage, Komainu, Zodia, Fireblocks, and Copper.

Meanwhile, the interoperability of these blockchains will be enhanced through Wormhole and LayerZero technologies, enabling smoother and more secure cross-chain transactions.

Growing Institutional Interest in DeFi and Asset Tokenization

Institutional interest in DeFi is on the rise, mainly due to the huge potential within the sector. One example is Bitwise’s partnership with Maple Finance for blockchain-based credit access. This shows that more and more institutions are seeing opportunities in decentralized finance.

According to Securitize’s CEO, Carlos Domingo, the main barrier to institutional adoption has been regulatory uncertainty. However, with evolving regulations and built-in features in Converge, these barriers are expected to be overcome.

Furthermore, this blockchain will offer innovative solutions to unite traditional financial markets with the huge potential that DeFi holds.

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Converge: New Pillars in Asset Tokenization and Financial Stability

Converge is founded on three key principles. First, the blockchain will provide permissionless DeFi access, allowing users to participate without going through strict KYC procedures.

Secondly, Converge will support permissioned TradFi applications, allowing financial institutions to interact with KYC-compliant partners through iUSDe and USDtb.

Third, the blockchain will facilitate permission-based financial products, including Securitize’s range of tokenized assets such as credit leverage, fixed income products, and equity trading.

With the combination of these features, Converge has the potential to attract more institutional investors into the crypto ecosystem, accelerating the adoption of blockchain in the global financial world.

The Future of Crypto with Converge

The launch of Converge comes amidst the rising market value of real-world assets (RWA). Recent data shows that the total value of RWA has doubled in the past year, reaching approximately Rp311.12 trillion ($18.8 billion), with 17.81% growth in the past 30 days.

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In addition, the number of tokenized asset holders has now surpassed 90,550 individuals and involves 117 asset issuers, demonstrating the rapid expansion of the sector.

With a total stablecoin market capitalization that now stands at Rp3.71 quadrillion ($224.5 billion), Ethena’s USDe has even become the fourth largest stablecoin in the sector.

With the growing demand for tokenized and DeFi assets, Converge comes as an innovative and strategic solution. This blockchain has the potential to become a key link between the traditional financial system and the crypto world, opening up new opportunities for institutional and individual investors around the world.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Ethena Labs and Securitize Launch Converge Blockchain. Accessed March 19, 2025.
• Coingape. Ethena Labs and Securitize Team Up to Launch New Converge Blockchain. Accessed March 19, 2025.