Securitize launches STAC AAA CLO fund on Solana; Ethena $250M

Securitize launched its tokenized AAA collateralized loan obligation fund, STAC, on the Solana blockchain. Ethena Labs plans to allocate $250 million to the fund, an amount Securitize lists among the largest tokenized structured credit commitments on Solana.

STAC was developed with BNY, which will act as custodian for the fund’s underlying assets and serve as sub-adviser through BNY Investments. The fund targets U.S. dollar‑denominated AAA‑rated CLO tranches sourced from primary and secondary markets.

The strategy operates without leverage and aims to provide floating‑rate structured credit exposure through a regulated tokenized vehicle on a public blockchain. Securitize reported that assets issued on Solana through its platform rose 75% in the 30 days before accounting for Ethena’s planned allocation.

Accredited investors can subscribe to STAC through Securitize’s regulated platform. Shares are issued as digital securities. Securitize performs KYC and AML checks, reviews investor accreditation, handles transfer‑agent duties and maintains on‑chain ownership records.

Securitize has also announced a proposed business combination with Cantor Equity Partners II. STAC joins the company’s other institutional products issued across public blockchains.

Carlos Domingo, co‑founder and CEO of Securitize, noted that tokenization works best when high‑quality assets are combined with blockchain infrastructure that can improve speed, efficiency and access. Nick Ducoff, head of institutional growth at the Solana Foundation, described Solana as the “premier destination for institutional capital moving onchain.” Guy Young, founder of Ethena, said the firm’s planned allocation reflects confidence in on‑chain credit products: “Our planned allocation to STAC reflects our conviction that institutional‑grade credit products can become foundational components of the onchain economy.”

The collateralized loan obligation market is a large segment of structured credit. Data from Bank of America Global Research show global CLO issuance exceeding $1.3 trillion. STAC offers accredited investors regulated exposure to that market through tokenized securities administered on a public blockchain.