Ethena Labs is set to allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC) as the investment product launches on the Solana blockchain, marking another step in the growing use of real-world assets (RWAs) in decentralized finance.
According to the announcement, the move strengthens Ethena’s strategy of expanding the backing for its synthetic dollar products, USDe and USDtb, by adding institutional-grade credit assets alongside its existing crypto-focused collateral.
Today we’re expanding the Securitize Tokenized AAA CLO Fund (STAC) to @solana.
We’re also excited to share that @ethena plans to allocate $250 million to the fund, representing one of the largest commitments to tokenized structured credit on Solana to date. pic.twitter.com/XbVivFTyHq
— Securitize (@Securitize) June 12, 2026
Ethena expands real-world asset strategy
STAC is a tokenized investment fund developed by Securitize in partnership with BNY, which acts as custodian of the underlying assets and serves as sub-adviser through BNY Investments. The fund provides exposure to U.S. dollar-denominated, AAA-rated collateralized loan obligations (CLOs) sourced from both primary and secondary markets.
According to available fund data, STAC manages more than $102 million in assets from four investors. The fund’s seven-day annual percentage yield stands at 2.42%, while charging a 0.30% management fee.
Ethena founder Guy Young said tokenized real-world assets are expected to become an increasingly important part of on-chain finance, adding that the planned investment reflects confidence in institutional credit products as building blocks for blockchain-based financial systems.
How does the Solana launch bring STAC and traditional credit on-chain?
The rollout of STAC on Solana extends access to one of the world’s largest fixed-income markets through blockchain infrastructure. Securitize CEO Carlos Domingo said the expansion connects institutional-grade structured credit with one of the industry’s most active blockchain ecosystems.
Global issuance of collateralized loan obligations exceeds $1.3 trillion, making the sector one of the largest segments of structured finance.
Ethena grows institutional partnerships
The planned allocation follows another major development for Ethena. Earlier this week, asset manager Janus Henderson revealed an investment in Ethena’s governance token, ENA, and announced plans to use staked USDe for cash management.
As part of that collaboration, Ethena is also adding Janus Henderson’s JAAA fund, another Securitize-issued product focused on AAA-rated CLOs, into the reserve portfolio supporting USDe.
Meanwhile, Securitize is preparing to go public through a merger with Cantor Equity Partners II under the ticker SECZ, with the transaction expected to close in the second half of 2026.
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