Ethena Labs, Securitize launch blockchain for DeFi and tokenized assets

17 hours ago 33

Stablecoin developer Ethena Labs and real-world plus (RWA) tokenization institution Securitize are launching a caller blockchain for retail and organization investors seeking entree to the DeFi and tokenization economies.

According to a March 17 announcement, the forthcoming Converge blockchain is an Ethereum Virtual Machine that volition supply retail investors with entree to “standard DeFi applications.” It volition besides specialize successful institutional-grade offerings that volition assistance span accepted concern with DeFi opportunities.

Converge volition motorboat with assorted merchandise offerings, including Ethereal, Morpho, Maple Labs, Pendle and Aave Labs’ Horizon.

Converge’s RWA infrastructure volition payment from Securitize’s increasing beingness successful the tokenization market, with astir $2 cardinal minted crossed assorted blockchains. The institution precocious announced that BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $1 cardinal successful nett assets 1 twelvemonth aft launch.

The Converge blockchain volition person custodial enactment from Anchorage and Copper arsenic good arsenic custodial enactment from Securitize’s latest partner, RedStone.

On the DeFi side, Converge volition let users to involvement Ethena’s autochthonal governance token, ENA. Ethena’s USDe (USDE) and USDtb stablecoins volition service arsenic the network’s state tokens.

Institutional DeFi connected the rise

Institutional DeFi — erstwhile accepted fiscal institutions follow regulatory-compliant DeFi systems — appears to beryllium gaining traction arsenic companies look to optimize their operations and entree caller output opportunities.

Even JPMorgan, erstwhile a blockchain and Bitcoin (BTC) skeptic, said organization DeFi “has the imaginable for maturation and transformative impact.”

RWAs are accelerating this trend, with the likes of McKinsey forecasting a $2 trillion tokenization marketplace by 2030.

As Neoclassic Capital co-founder Michael Bucella noted successful an interrogation with Cointelegraph, RWAs are attracting large investors due to the fact that they code “pricing inefficiencies” successful some accepted and integer assets.

“To TradFi, that is mispriced recognition facilities (i.e., outgo of capital) oregon vulnerability to underpriced volume. To crypto-native, that is low-volume, unafraid assets,” said Bucella.

Including stablecoins, which are onchain representations of fiat currencies, the full RWA marketplace has exceeded $240 billion, according to manufacture data.

Excluding stablecoins, the full worth of RWAs onchain is accelerated approaching $20 cardinal crossed much than 90,500 holders, according to RWA.xyz.