Securitize Brings AAA CLO Fund to Solana as Ethena Plans $250M Allocation

TLDR:

• Securitize expands its Tokenized AAA CLO Fund, STAC, to the Solana blockchain network.
• Ethena Labs plans a $250 million allocation to STAC, backing USDe’s reserves.
• STAC was developed with BNY, which serves as custodian and sub-adviser for assets.
• Global CLO issuance tops $1.3 trillion, marking a major tokenization milestone for credit.

Securitize has expanded its Tokenized AAA CLO Fund, known as STAC, to Solana. Ethena Labs plans to allocate $250 million to the fund. This marks one of the largest commitments to tokenized structured credit on Solana so far. The move strengthens institutional adoption of real-world assets onchain.

STAC Brings Institutional Credit to Solana

STAC provides exposure to AAA-rated collateralized loan obligations, one of the largest segments of global credit markets. The fund was developed alongside BNY, which acts as custodian for the underlying assets. BNY Investments also serves as sub-adviser for the fund.

By bringing STAC to Solana, Securitize aims to make institutional-grade credit accessible on a fast blockchain. Solana offers high throughput and low transaction costs for users. These features make it an attractive environment for institutional onchain finance activities.

Commenting on the expansion, Carlos Domingo, Co-Founder and CEO of Securitize, said: “Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure. Expanding STAC to Solana brings one of the largest fixed-income markets in the world onto one of the most active blockchain ecosystems. Ethena’s planned allocation further demonstrates how tokenized real-world assets are becoming core infrastructure for the next generation of finance.”

Nick Ducoff, Head of Institutional Growth at Solana Foundation, added: “Solana is the premier destination for institutional capital moving onchain. The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets. We’re excited to support the next generation of tokenized financial products being built on Solana.”

Ethena Expands Backing With Tokenized Structured Credit

Ethena is partnering with Securitize as a strategic tokenization partner for this integration. STAC will become part of USDe’s backing alongside existing collateral. This expands USDe’s institutional-grade real-world asset exposure beyond BlackRock BUIDL holdings.

The integration received approval from the Ethena Risk Committee after independent due diligence review. The fund was evaluated against four criteria during this process. These include liquidity, credit quality, drawdown profile, and pricing transparency.

Speaking on the development, Guy Young, Founder of Ethena, said: “As onchain finance evolves, we believe tokenized real-world assets will play an increasingly important role in supporting scalable, capital-efficient financial systems. Our planned allocation to STAC reflects our conviction that institutional-grade credit products can become foundational components of the onchain economy.”

The STAC strategy avoids leverage and focuses on fundamentals-driven investing. It invests in U.S. dollar-denominated AAA-rated CLO tranches from primary and secondary markets. The fund seeks attractive risk-adjusted returns through floating-rate structured credit exposure.

Global CLO issuance exceeds $1.3 trillion, representing one of the largest credit segments. Through tokenization, STAC reduces operational frictions tied to institutional credit investing. This enables more efficient distribution, settlement, and ownership for investors.

Eligible investors can subscribe to STAC through Securitize’s regulated platform. Shares are issued as digital securities with integrated KYC and AML processes. Securitize provides transparent recordkeeping and onchain ownership through its transfer agent infrastructure.

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