Coinpaprika 2025-03-18 08:03:45

Ethena and Securitize Launch Converge to Bridge TradFi and DeFi

Ethena Labs and Securitize have introduced Converge, a new Ethereum Virtual Machine (EVM)-compatible Layer-1 blockchain designed to bridge traditional finance (TradFi) and decentralized finance ( DeFi ). This network aims to act as a settlement layer for tokenized assets and digital dollars, with a developer testnet set to launch soon and a mainnet rollout expected in the second quarter of 2025. Built to support developers and institutional investors, Converge will integrate key blockchain infrastructure providers such as LayerZero, Pyth Network, Wormhole, and RedStone. The network’s staking mechanism will utilize ENA, Ethena’s governance token, while USDe and USDtb will serve as the platform’s native gas tokens, enabling seamless transactions. According to the project’s announcement, the goal is to create a purpose-built financial ecosystem secured by ENA and centered around digital asset settlements. As part of its strategic vision, Converge will incorporate real-world asset (RWA) tokenization, with Securitize leading the initiative. The company has already issued around $2 billion in tokenized assets and will use Converge to expand beyond treasury-backed products. This shift aims to bring a wider range of securities, including credit, equities, and fixed-income instruments, into the blockchain space. One of Converge’s major innovations is its hybrid approach to financial integration . The platform will offer permissionless DeFi access, allowing users to engage in financial activities without requiring KYC verification. Simultaneously, it will provide permissioned applications tailored for TradFi institutions, ensuring compliance with regulatory requirements. This dual approach is expected to facilitate institutional capital flows into DeFi, addressing the growing demand for blockchain-based financial solutions. The introduction of Converge comes at a time of rapid growth in the tokenized asset market. Recent reports indicate that the total value of real-world assets (RWAs) on-chain has significantly increased, reflecting a surge in adoption. The market now includes thousands of asset holders and issuers, demonstrating the sector’s expanding reach. This shift is further supported by the rise in stablecoin adoption. The total stablecoin market cap has climbed steadily, with Ethena’s USDe emerging as one of the top stablecoins in the ecosystem. These trends highlight the increasing convergence of traditional and decentralized finance, positioning Converge as a key player in this evolving landscape.

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