Securitize has expanded its Securitize Tokenized AAA CLO Fund, known as STAC, to Solana as institutional demand for tokenized credit products continues to move beyond Ethereum.
Ethena Labs plans to allocate $250 million to the fund, making it one of the largest tokenized structured-credit commitments announced for the Solana ecosystem. The allocation is planned for Ethena’s broader backing strategy for USDe, its synthetic dollar, after risk review work around tokenized AAA CLO exposure.
STAC gives eligible investors tokenized exposure to U.S. dollar-denominated AAA-rated collateralized loan obligation tranches. The fund was developed with BNY, which serves as custodian for the underlying assets, while BNY Investments provides sub-advisory support through its structured-credit capabilities.
The fund first launched in October 2025 with BNY support and was initially issued on Ethereum. At launch, BNY said STAC would invest in AAA-rated CLOs, with shares issued as digital tokens to eligible investors through Securitize’s regulated platform. Its move to Solana adds another chain to Securitize’s institutional real-world asset distribution strategy.
Ethena Adds Another RWA Backing Route
Ethena’s planned allocation places STAC beside other tokenized yield-bearing assets being evaluated or used in USDe’s backing mix. The protocol has been widening its collateral base beyond crypto-native basis trades, with governance discussions focused on liquidity, drawdown risk, reserve coverage and redemption mechanics.
A June 8 Ethena governance risk evaluation compared STAC with JAAA, the Janus Henderson Anemoy AAA CLO Fund held through Centrifuge. The review described both as tokenized, unleveraged, floating-rate vehicles invested in senior AAA CLO tranches, while noting differences in NAV administration, redemption process, liquidity terms and investor concentration.
The review treated STAC and JAAA as a shared exposure class rather than independent diversification, recommending a conservative combined allocation cap of about $310 million under the risk framework. That cap reflects the size of Ethena’s reserve buffer, stress-loss assumptions and the shared risk profile of tokenized AAA CLO positions.
Ethena’s latest move also extends its Solana activity after the protocol’s USDe markets on Kamino and Jupiter passed $1 billion in combined TVL within days of launch. The same institutional-yield push has appeared in other integrations, including the Ethena-powered High Yield vault on Coinbase through Morpho.
Tokenized Credit Pushes Deeper Into Solana
The expansion gives Solana another institutional RWA product at a time when the network is drawing more stablecoin and onchain-liquidity activity. Circle’s recent USDC minting on Solana has already shown how large issuers are using the chain for high-volume dollar movement.
For Securitize, STAC sits inside a broader tokenization business that already includes funds tied to major asset managers and financial institutions. The company says it had more than $4 billion in tokenized real-world asset AUM as of April 2026 and works with partners including BlackRock, Apollo, Hamilton Lane, KKR, VanEck and BNY.
The STAC expansion also lands as tokenized portfolios become a more active race across crypto and traditional finance. Ondo Finance recently hired former Invesco ETF executive John Hoffman to build tokenized portfolio products, while regulated platforms, stablecoin issuers and DeFi protocols continue to test how real-world assets can be used for yield, collateral and settlement.
STAC remains a private tokenized fund for eligible investors, not a freely tradable retail crypto asset. Its Solana launch adds distribution and onchain infrastructure, while the underlying exposure remains tied to AAA CLO tranches, fund documents, transfer controls, redemption terms, custodian arrangements and Ethena’s risk limits.
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