Converge by The Defiant
Intelligence extracted from Converge by The Defiant newsletters.
7
Issues Tracked
6
Insights Extracted
4
Topics Covered
Topics
Key Insights from Converge by The Defiant
**Securitize x Computershare** and **Ondo x Broadridge** partnerships close the two biggest gaps in tokenized equities — transfer agent infrastructure and on-chain shareholder voting rights — covering ~58% of the S&P 500.
**Meta** re-entered stablecoins by paying creators in **USDC** on Solana and Polygon in Colombia and the Philippines, while **PayPal** restructured to make **PYUSD** and crypto a core merchant-facing business unit alongside Braintree.
**Meta**, **PayPal**, and **DoorDash** all made stablecoin moves within the same two-week window, all using existing regulated rails rather than proprietary infrastructure — enabled by the **GENIUS Act** regulatory floor.
The **Kelp DAO** $293M hack—exploiting a single-validator bridge and no collateral concentration limits—caused ~$20B in DeFi TVL losses and prompted **JPMorgan** and **Jefferies** to warn institutions against open DeFi integration.
**Mizuho**, **Nomura**, and **JSCC** launched a JGB tokenization proof-of-concept on **Canton Network** for 24/7 real-time collateral management, while **WalletConnect** integrated Canton connecting it to 55.5M users.
**DoorDash** went live on **Tempo** for stablecoin-powered payouts across 40+ countries, and **ARQ** migrated its LatAm cross-border payment infrastructure to the same network.
Latest issue: June 5, 2026
Debanking, Never Again
The CFTC Opens the Perp Lane
The SEC Delays and Narrows Tokenized Stock Innovation Exception
CLARITY Act Survives Markup. The Real News Isn't Yield.
DTCC Sets July for Live Tokenized Trades
Tokenized Equities Shed Second-Class Status
Tokenized equities are gaining full shareholder rights as Securitize partners with Computershare for transfer agent infrastructure and Ondo Finance partners with Broadridge to enable on-chain proxy voting. Meta has re-entered stablecoins by paying creators in USDC across high-remittance markets, while PayPal restructured its business to make crypto and PYUSD a core division alongside Braintree. The GENIUS Act's regulatory clarity is enabling large consumer platforms to build stablecoin-native product roadmaps.
Kelp Hack Exposed the DeFi Scaffolding
The $293M Kelp DAO hack on April 18 exposed critical risk management gaps in DeFi, triggering ~$20B in TVL losses and prompting institutions like JPMorgan and Jefferies to warn about DeFi's incompatibility with traditional risk frameworks. Japan's largest financial institutions (Mizuho, Nomura, JSCC) launched a JGB tokenization proof-of-concept on Canton Network, while DoorDash went live with stablecoin-powered payouts on Tempo across 40+ countries. The newsletter argues DeFi must adopt TradFi-style operational controls—multi-verifier requirements, published incident-response frameworks, pre-funded loss-absorption waterfalls—or risk being sidelined by permissioned networks.