On the evening of March 17, 2025, Ethena Labs – the leading decentralized stablecoin project in the market, along with Securitize, officially announced the launch of Converge – a dedicated blockchain for real assets (RWA). This move marks a significant step in the ambition to bring the entire tokenized asset ecosystem of both parties to a separate platform.
Converge – Layer-1 Blockchain dedicated to RWA
Converge is designed as a Layer-1 blockchain compatible with the Ethereum Virtual Machine (#EVM ). The main goal of the project is to create an optimal settlement platform, helping financial organizations easily access DeFi while ensuring compliance with the law.
One of the key highlights of Converge is its transaction settlement and asset custody services. To participate in investment products from Ethena and Securitize on this platform, users must complete the Know Your Customer (KYC) verification process. This is to ensure transparency and compliance with legal regulations during transactions.
Representatives of Ethena stated:
"Our vision is to create a settlement platform that merges traditional finance with DeFi, focusing on two assets USDe and USDtb, using $ENA as the main currency. This blockchain will support decentralized spot transaction settlements and custody of stablecoin transactions as well as tokenized assets."
Major partners involved in Converge
Right from the launch, Converge has received support from many major partners, including:
Asset custody companies: Copper, Fireblocks, Komainu, and Zodia.
Top DeFi protocols: Aave, Ethereal, Maple Finance, Morpho, and Pendle.
With these names, Converge promises to become a powerful #RWA ecosystem, paving the way for the expansion of DeFi to traditional financial organizations.
Launching in Q2 2025 – Ambition to transform a 6 billion USD ecosystem
Converge is expected to be launched in the second quarter of 2025. The validator system of this blockchain will use ENA tokens to lock staking and participate in transaction validation. Meanwhile, USDe and USDtb will serve as tokens for transaction fees on the network.
Ethena also plans to migrate its entire ecosystem of over 6 billion USD from $ETH to Converge, marking a strong shift of the project to its own blockchain.
Ethena expands its ambitions into traditional finance
Ethena has made strategic moves to expand into traditional finance. Previously, the project collaborated with Securitize to launch the USDtb stablecoin, backed by tokenized USD assets in BlackRock's BUIDL fund.
Additionally, in February 2025, Ethena successfully raised 100 million USD to develop new products, including a private exchange and option investment protocol. Notably, the project also announced a partnership with World Liberty Financial – a DeFi platform advised by the Trump family.
Remarkable achievements of Ethena
Since its launch in 2023, Ethena has achieved many significant milestones, including:
The fastest decentralized stablecoin to reach a market capitalization of 5 billion USD in history.
Became the third largest stablecoin in the industry just 10 months after launch.
The protocol achieved the second fastest revenue of 100 million USD in history.
Attracted more capital in the fourth quarter of 2024 than the Ethereum ETF.
Maintained an 18% APY for USDe throughout 2024.
According to DefiLlama statistics, USDe is currently the largest algorithmic stablecoin in the cryptocurrency market with a market capitalization of 5.9 billion USD. Meanwhile, Securitize's BUIDL fund is also the largest RWA fund with a TVL of 1.2 billion USD, showing strong growth in March 2025.
Conclusion
The launch of Converge by Ethena and Securitize marks an important milestone in the development of RWA in the cryptocurrency industry. With backing from major financial institutions and a rapidly growing ecosystem, Converge is set to become a strategic blockchain platform, helping to harmonize traditional finance and DeFi, while opening up new opportunities for both the cryptocurrency market and the global finance.