Key facts
- Ethena Labs will allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC).
- The STAC fund is launching on the Solana blockchain.
- STAC invests in U.S. dollar-denominated AAA-rated collateralized loan obligations (CLOs).
- The fund currently holds $102 million in assets under management.
- Ethena aims to diversify collateral for its synthetic dollar products, USDe and USDtb.
Ethena Labs is set to allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC), which is launching on the Solana blockchain. This strategic move aims to diversify the collateral backing Ethena's synthetic dollar products, USDe and USDtb, by incorporating institutional-grade real-world assets (RWAs) beyond purely crypto-native hedging strategies.
The STAC fund, issued by Securitize in collaboration with BNY Mellon, invests in U.S. dollar-denominated AAA-rated collateralized loan obligations (CLOs). As of Friday, the fund had $102 million in assets under management from four investors, offering a seven-day APY of 2.42% with a 0.30% management fee. Ethena's founder, Guy Young, expressed confidence in tokenized RWAs supporting scalable financial systems, viewing institutional credit products as foundational for the onchain economy.
Securitize CEO Carlos Domingo emphasized that expanding STAC to Solana integrates a significant fixed-income market into an active blockchain ecosystem, with Ethena's allocation underscoring the growing importance of tokenized RWAs. Earlier this week, asset manager Janus Henderson disclosed an investment in Ethena's governance token ENA and plans to utilize Ethena's staked USDe for cash management, integrating Janus Henderson's JAAA fund into USDe's reserve portfolio. Securitize is also pursuing a public listing via a SPAC deal, with its registration statement cleared by the SEC.