Securitize launches tokenized AAA CLO fund on Solana backed by $250 M

Securitize announced the launch of its tokenized AAA‑rated collateralized loan obligation (CLO) fund, STAC, on the Solana blockchain, and Ethena Labs confirmed a planned $250 million allocation to the fund [2]. The move adds a large tranche of real‑world asset (RWA) collateral to Solana’s growing on‑chain finance ecosystem.

Key takeaways

• Securitize’s STAC fund, which invests in U.S. dollar‑denominated AAA CLO tranches, is now available on Solana [2].
• Ethena Labs intends to allocate $250 million to STAC, one of the biggest RWA commitments on the network [2][3].
• Bank of New York Mellon serves as custodian and sub‑adviser for the fund [2][3].
• The allocation will back Ethena’s USDe stablecoin, expanding its institutional‑grade collateral beyond existing BlackRock positions [3].
• Solana’s speed, low fees and institutional focus are cited as reasons for the launch [2].

Tokenized AAA CLOs arrive on Solana

Securitize’s STAC fund, described as a “tokenized AAA CLO fund,” invests in AAA‑rated CLO tranches sourced from primary and secondary markets and operates with no leverage [2][3]. The fund’s expansion to Solana was announced in a press release on June 12, 2026, and highlighted the network’s high throughput and low transaction costs as key advantages for institutional participants [2]. Bank of New York Mellon (BNY) acts as custodian and sub‑adviser through BNY Investments, providing traditional oversight for the on‑chain assets [2][3].

Ethena Labs, the protocol behind the USDe stablecoin, confirmed a $250 million allocation to STAC, stating that the commitment will diversify USDe’s collateral pool and increase exposure to institutional‑grade credit [2][3]. The Ethena Risk Committee approved the allocation after evaluating liquidity, credit quality, drawdown profile, and pricing transparency [3]. This allocation ranks among the largest single RWA commitments on Solana and joins a parallel $200 million deployment of AAA CLO tokens by Centrifuge, indicating Ethena’s strategy of building redundancy across multiple tokenization providers [3].

Why it matters

The launch brings a sizable portion of the $1.3 trillion global CLO market onto a public blockchain, giving on‑chain protocols access to high‑quality, floating‑rate credit instruments with historically low default rates [3]. By integrating STAC into USDe’s backing, Ethena aims to enhance the stability and appeal of its stablecoin to both DeFi users and traditional investors seeking exposure to tokenized real‑world assets [3]. The involvement of a major custodian like BNY and the use of regulated token issuance platforms suggest a maturing infrastructure for tokenized securities, though regulatory clarity around such products remains an evolving challenge. Continued expansion of RWA collateral on Solana could further bridge the gap between conventional finance and blockchain‑based markets.