BlockBeats News, March 18, Tokenization platform Securitize and Ethena Labs announced a close collaboration with BUIDL Fund under BlackRock to jointly create an Ethereum-compatible blockchain named Converge. The blockchain is designed to host tokenized assets and provide institutional investors with DeFi innovation.

Ethena will migrate its $6 billion DeFi ecosystem to Converge. Ethena offers an interest-bearing token called USDe and a USDtb stablecoin supported by BUIDL. Meanwhile, Securitize, the transfer agent for BlackRock's BUIDL Fund, will bring its series of tokenized real-world assets (RWA) to this new chain, including the recently issued Apollo Credit Fund token.

Securitize and Ethena have brought a strong set of initial partners to Converge, including Pendle, Avara (parent company of Aave Labs), Ethereal, Morpho, and Maple Finance. Custody services will be provided by Copper, Fireblocks, Komainu, and Zodia, while interoperability will be achieved through the support of LayerZero, Wormhole, and RedStone's oracles.

Converge will be compatible with the Ethereum Virtual Machine (EVM), allowing it to run Ethereum-based smart contracts, dApps, and tools without modification. Ethena's native governance token ENA will serve as a stakable asset on Converge (through sENA), securing the network through a permissioned validator set composed of traditional financial entities and centralized exchanges. USDe and USDtb will both serve as the network's gas tokens.