Securitize Brings STAC Tokenized CLO Fund to Solana as Ethena Plans $250M Allocation

Securitize has expanded its Securitize Tokenized AAA CLO Fund (STAC) to the Solana blockchain, with Ethena USDe$0.999+0.5% planning to allocate $250 million to the fund as part of its strategy to diversify the collateral backing USDe (USDe).

The commitment, described by Securitize as "one of the largest commitments to tokenized structured credit on Solana to date", adds institutional-grade collateralized loan obligation (CLO) exposure to Solana's rapidly growing RWA market. STAC invests in U.S. dollar-denominated AAA-rated CLO tranches sourced from primary and secondary markets, with no leverage and a fundamentals-driven mandate. BNY serves as custodian and sub-adviser.

What STAC Brings to Solana's RWA Stack

CLOs are structured credit instruments that pool corporate loans and issue tranches at different risk levels. The AAA tranche, which STAC targets exclusively, sits at the top of that waterfall, absorbing losses last. The global CLO market exceeds $1.3 trillion, per Securitize's announcement, making it one of the largest segments of the credit world. Tokenizing AAA CLO tranches gives on-chain protocols access to a high-quality, floating-rate yield instrument that has historically carried the lowest default rates of any CLO tranche class.

Ethena's Risk Committee approved the STAC allocation after evaluating four criteria: liquidity, credit quality, drawdown profile, and pricing transparency. The $250 million will back USDe reserves alongside existing positions including BlackRock's BUIDL fund.

"Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure," said Carlos Domingo, Securitize CEO.

Guy Young, Ethena's founder, framed the move as part of a broader shift: "Tokenized real-world assets will play an increasingly important role in supporting scalable, capital-efficient financial systems."

Ethena Building Multi-Provider CLO Infrastructure on Solana

The announcement comes two days after Centrifuge deployed $200 million in AAA-rated CLO tokens on Solana to serve the same USDe collateral objective. That deployment used Janus Henderson's JAAA CLO ETF tokens as the underlying. Securitize's STAC is a separate product with a distinct manager, custodian, and portfolio sourcing strategy.

The back-to-back announcements suggest Ethena is building redundancy across CLO tokenization providers on Solana rather than concentrating its structured credit exposure with a single platform. Between the two deals, Ethena plans to route up to $450 million in AAA CLO exposure through Solana-native instruments, with both commitments announced within days of each other.

Securitize had more than $4 billion in total tokenized AUM as of April 2026, per the press release, and has been active on Solana for several years, including a prior collaboration with Wormhole on cross-chain tokenized assets.

Solana RWA Context: $2.7B in Assets, With More in the Pipeline

Solana's RWA sector posted $4.40 billion in 30-day transfer volume and $2.70 billion in distributed asset value as of June 11, per RWA.xyz, up 36% and 17% respectively. The Securitize and Centrifuge commitments were not yet reflected in those figures, meaning the institutional pipeline behind Solana's RWA numbers is still widening.

Nick Ducoff of the Solana Foundation called the network "the premier destination for institutional capital moving onchain." The practical test of that claim is whether the DeFi composability Solana offers (tokenized CLOs functioning as collateral in lending markets, yield vaults, and stablecoin reserves) continues to clear the kind of structured risk-committee review that Ethena's approval process represents.

Eligible investors can subscribe to STAC through Securitize's regulated platform, which requires KYC/AML verification and accredited investor status.