Ethena’s USDe (USDE) and USDtb stablecoins will serve as the network’s gas tokens. Related: BlackRock CEO wants SEC to ‘rapidly approve’ tokenization of bonds, stocks: What it means for cryptoInstitutional DeFi on the riseInstitutional DeFi — when traditional financial institutions adopt regulatory-compliant DeFi systems — appears to be gaining traction as companies look to optimize their operations and access new yield opportunities. Even JPMorgan, once a blockchain and Bitcoin (BTC) skeptic, said institutional DeFi “has the potential for growth and transformative impact.”RWAs are accelerating this trend, with the likes of McKinsey forecasting a $2 trillion tokenization market by 2030.
Stablecoin developer Ethena Labs and real-world asset (RWA) tokenization company Securitize are launching a new blockchain for retail and institutional investors seeking access to the DeFi and tokenization economies. According to a March 17 announcement, the forthcoming Converge blockchain is an Ethereum Virtual Machine that will provide retail investors with access to “standard DeFi applications.” It will also specialize in institutional-grade offerings that will help bridge traditional finance with DeFi opportunities. The Converge blockchain is announced at the Tokenize NYC conference on March 17.
The company recently announced that BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $1 billion in net assets one year after launch. The Converge blockchain will receive custodial support from Anchorage and Copper as well as custodial support from Securitize’s latest partner, RedStone.
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