Ethena Labs, in collaboration with Securitize, will launch the EVM-compatible blockchain Converge

According to ChainCatcher news, Ethena Labs, in collaboration with Securitize, will launch an EVM blockchain called Converge. In addition to providing access to standard DeFi applications aimed at retail investors, Converge will also offer a suite of applications and products specifically developed for institutional investors in partnership with others, helping institutional capital access the innovations and capital efficiency of DeFi in a compliant manner.

Ethena will focus its institutional products on Converge and seek to migrate its existing DeFi ecosystem, which currently holds nearly $6 billion in assets. Securitize, which has created nearly $2 billion in RWA across multiple blockchains, will seek to issue existing and future tokenized assets on Converge and continue to facilitate the interoperability of its numerous protocol integrations.
Additionally, ENA will serve as a stakable asset on Converge, with USDe and USDtb both acting as the network's gas tokens. Converge is expected to launch in the second quarter of 2025.