Ethena plans $250 million STAC allocation as tokenized CLO fund launches on Solana

Securitize’s STAC, a tokenized AAA-rated CLO fund issued with BNY, expanded to Solana as Ethena outlined a planned $250 million, roughly ¥40 billion, allocation to diversify backing for USDe and USDtb.

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22h ago

Fact Check

The Block and Crypto Briefing independently report the same core facts: Ethena's $250M allocation to Securitize's Tokenized AAA CLO Fund (STAC), the Solana launch, the USDe/USDtb collateral diversification, and STAC's ~$102M AUM. The numbers and entities are consistent across both outlets, and the STAC ~$102M figure is corroborated by additional search results. While the assessment rests on news primary sources rather than a direct Ethena/Securitize official disclosure, the consistency across reputable crypto outlets makes the claim likely true.

Summary

Ethena Labs plans to allocate $250 million, or about ¥40 billion, to Securitize’s Tokenized AAA CLO Fund, STAC, as the tokenized fixed-income product launches on Solana. STAC, issued by Securitize with BNY as custodian for underlying assets and sub-adviser through BNY Investments, invests in U.S. dollar-denominated AAA-rated collateralized loan obligations from primary and secondary markets. As of Friday, the fund had $102 million in assets under management from four investors, a net asset value of $1,021, a seven-day APY of 2.42%, and a 0.30% management fee, according to RWA.xyz. Ethena said the planned investment supports its effort to diversify reserve and collateral assets for USDe and USDtb beyond crypto-native strategies and deepen institutional-grade real-world asset exposure across multiple blockchains.

Terms & Concepts

CLOs: Bundles of corporate loans sold as securities.
RWAs: Tokenized offchain assets used on blockchain rails.
SPAC: Blank-check company used to take firms public.