At a Chainlink meetup in New York, @ethena Founder @leptokurtic_ joined @SergeyNazarov to discuss:
• Stablecoin innovation
• TradFi's demand for onchain assets
• The convergence of TradFi & DeFi
And more—watch the full discussion ↓
Why @convergeonchain is the next big bet for onchain finance & @ethena’ growth
Since I work in investments, I look for foundational infrastructure that unlocks multi-billion dollar opportunities. Ethena’s new chain, Converge, isn’t just another L1—it’s a purpose-built settlement network that bridges TradFi and DeFi.
Given this opportunity, let's review the ongoing narratives, shall we?
Narrative 1: Stablecoins and tokenized RWAs will dominate the next cycle
The biggest onchain opportunity isn’t just speculation—it’s bringing institutional capital into crypto-native structures. USDe and USDtb will power onchain settlements, DeFi speculation, and real-world financial applications.
Narrative 2: DeFi’s TVL is still tiny and could grow exponentially over the next few years
$100B in DeFi TVL is a drop in the ocean compared to global capital markets, which exceed $500T. Institutions want yield, transparency, and efficient settlement—but no blockchain has tailored infrastructure for them.
Given these two narratives, Converge fits that missing layer.
Converge is built natively around USDe, USDtb, and institutional iUSDe. Its three-tiered structure allows for permissionless DeFi, permissioned TradFi-DeFi interaction, and institutional-grade financial products. Institutions get safe, compliant access, while DeFi builders get a new playground for financial innovation.
In this way, Securitize and Ethena's USDe are a perfect fit.
Securitize is the leading issuer of tokenized assets, with over $2B issued across @Blackrock BUIDL, @apolloglobal, @hamilton_lane, and @KKR_Co. Ethena’s USDe ecosystem is already one of the most influential in crypto. Together, they create the first real onchain TradFi-DeFi settlement layer.
As a bonus, Converge has locked in major DeFi protocols, custodians, and infra providers.
> Converge will launch with @aave (Horizon) providing purpose-built markets for tokenized assets and iUSDe.
> @pendle_fi Institutional will focus on rate speculation for institutional assets.
> @MorphoLabs will support money markets for Ethena and Securitize assets.
> @maplefinance and @syrupfi will build onchain yield and credit products. > @etherealdex will provide high-performance derivatives and spot trading.
Custodians like @Anchorage, @CopperHQ, @FireblocksHQ, @komainu, and @ZodiaCustody will provide institutional-grade custody. Infrastructure providers like @LayerZero_Core, @PythNetwork, @wormhole, and @redstone_defi will support interoperability, pricing, and cross-chain liquidity.
Then: $ENA Becomes Even More Valuable
Converge will be secured by institutional validators staking $ENA. USDe and USDtb will be used as the network’s native gas token, driving more utility. This creates a new layer of demand for $ENA and Ethena’s products.
It also turns USDe into the plumbing for institutional and DeFi capital, expanding Ethena’s influence from DeFi speculation to institutional-grade finance.
Converge is the ultimate bet on onchain finance. 🔥
JUST IN: Tokenized fund BUIDL, issued by BlackRock and Securitize, has crossed $1B in assets, fueled by @ethena' $200M allocation.
@sndr_krisztian reports
https://t.co/RwC6jlTF8o
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