Tokenization · The Block
Ethena Labs to allocate $250 million to Securitize’s Tokenized AAA CLO Fund as it deploys on Solana
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Ethena Labs will allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC), as the trading instrument goes live on Solana, according to an announcement on Friday.
Key facts
- The fund carries a net asset value of $1,021 and is returning a seven-day APY of 2.42%, with a 0.30% management fee, down significantly from its 30-day average APY of 11.23%
- Ethena Labs will allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC), as the trading instrument goes live on Solana, according to an announcement on Friday
- Securitize plans to go public through a SPAC deal with Cantor Equity Partners II to trade under the ticker SECZ
- Beginning in early 2026, Ethena has actively pursued institutional-grade real-world assets (RWAs) to make its backing more robust, scalable, and attractive to traditional capital
Summary
STAC is a tokenized fund issued by Securitize in collaboration with BNY, which serves as custodian for the fund’s underlying assets and sub-adviser through BNY Investments. The fund invests in U.S. dollar-denominated AAA-rated collateralized loan obligations (CLOs) sourced from primary and secondary markets to gain exposure to the structured credit sector. The move is part of Ethena’s expanding strategy of diversifying the collateral and backing assets for its synthetic dollar products, USDe and USDtb, beyond purely crypto-native delta-neutral hedging. Beginning in early 2026, Ethena has actively pursued institutional-grade real-world assets (RWAs) to make its backing more robust, scalable, and attractive to traditional capital.