Key Takeaways:
- Securitize now has its tokenized AAA CLO fund (STAC) extended to Solana.
- Ethena will contribute $250 million to STAC, the world’s largest credit tokenization initiative on Solana.
- This upheaval brings institutional real-world assets into USDe’s support model, fortifying the significance of real-world assets in on-chain finance.
The push towards mainstreaming on-chain financial assets is in full swing. Securitize has announced the launch of Tokenized AAA CLO Fund (STAC) on Solana, while Ethena Labs has pledged $250 million into the fund as part of its real-world asset strategy.
The announcement represents yet another milestone on the path to convergence of the crypto credit market and the traditional credit market.
Ethena is partnering with @Securitize as a strategic tokenization partner, with the integration of STAC, the Securitize Tokenized AAA CLO Fund, into USDe’s backing.
This expands USDe’s institutional-grade RWA exposure beyond existing Blackrock BUIDL collateral.
The integration… https://t.co/MoZTAw78XX pic.twitter.com/wNwgVxokOL
— Ethena (@ethena) June 12, 2026
Ethena Expands USDe Backing With Tokenized Credit
Ethena restated its intent that STAC will get incorporated into the reserve machinery for its synthetic dollar product, USDe.
The allocation expands Ethena’s access to real-world assets outside of tokenized products of the Treasury and BlackRock’s BUIDL fund. The risk committee evaluated STAC in terms of liquidity, credit quality, drawdown nature, and pricing transparency, making the decision, Ethena said.
The company believes that tokenized credit can play a crucial role in the future of scalable onchain economic finances. Ethena continues to diversify its reserve assets used to support its ecosystem, and at the same time, introduce structured credit exposure to diversify its collateral sources as well.
Read More: Citi Predicts $5.5 Trillion Tokenization Boom
STAC Brings AAA-Rated CLO Exposure to Solana
STAC primarily invests in all AAA-rated collateralized loan obligations (CLOs), value component of the global credit market. The fund is co-developed with BNY, and specifically invests mainly in U.S. dollar-denominated AAA tranches from either primary or secondary CLO markets.
A Massive Credit Market Moves Onchain
One of the most mature fixed-income sectors in the world, global CLO issuance is over $1.3 trillion. Securitize is trying to improve this historically institutionalized market by allowing digital ownership, blockchain settlement, and simplified distribution via tokenization.
STA is not an asset built as a crypto-native; instead, it tokenizes the exposure to an existing credit market that is already a significant matter of global finance. Securitize believes that pairing high-quality credit products with blockchain infrastructure will drive down operational friction and increase access and transparency.
Solana Attracts More Institutional Capital
Securitize said expanding STAC to Solana allows institutional investors to access tokenized structured credit on one of the industry’s most active blockchain networks. The $250 million funding round from Ethena is one of the highest amounts dedicated to tokenized vertical for the Solana chain so far.
While tokenization has been growing beyond government debt and Money Market Funds, new products such as STAC are now appearing as a new link between the traditional capital markets and the finance of the blockchain.
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