Securitize Expands STAC Tokenized CLO Fund to Solana

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Securitize brings its AAA-rated CLO fund on-chain to Solana backed by a $250 million Ethena commitment, accelerating institutional tokenization across crypto finance.

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What Happened

STAC, launched on Ethereum in October 2025 in collaboration with BNY, provides tokenized exposure to AAA-rated tranches of collateralized loan obligations (CLOs) sourced from both primary and secondary markets. AAA-rated CLO paper sits at the top of the capital stack in structured credit, making it the lowest-risk tier in a market totaling more than $1.3 trillion in outstanding global issuance.

As of June 12, the fund held approximately $102 million in assets across four investors, with a net asset value of $1,021 per token and a seven-day annualized yield of 2.42%. The Solana deployment now allows DeFi protocols and on-chain treasuries to access that product through Solana's native infrastructure — broadening the distribution surface significantly beyond what Ethereum alone allows.

BNY serves as both custodian of the fund's underlying assets and sub-adviser through BNY Investments, providing the institutional custody and compliance rails that regulated investors require.

The Ethena Commitment

Ethena's $250 million pledge brings its total on-chain structured credit exposure to approximately $500 million. The firm's core protocol revolves around USDe and USDtb, synthetic dollar stablecoins that require diverse, high-quality collateral backing. Ethena's treasury has been systematically rotating away from pure crypto-derivative positions toward institutional real-world assets (RWA) since early 2026; a prior $250 million allocation to Centrifuge's tokenized Janus Henderson fund, announced in June 2025, reflected that same shift.

By placing $250 million into STAC on Solana, Ethena gains dollar-denominated yield from AAA-rated credit with on-chain settlement — a combination that strengthens the collateral profile of its stablecoins while keeping assets natively accessible on the chain where the bulk of its user activity resides.

Solana's RWA Momentum

The choice of Solana is not incidental. The network's RWA market capitalization climbed 43% quarter-over-quarter to $2.01 billion in Q1 2026, with tokenized-asset trading volume hitting a record $1.3 billion over the same period. Solana also overtook Ethereum in RWA lending deposits during Q1 2026, with that category surging 115% in three months to reach $1.23 billion.

Securitize CEO Carlos Domingo framed the deployment in terms of that infrastructure: "Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure. Expanding STAC to Solana brings one of the largest fixed-income markets in the world onto one of the most active blockchain ecosystems."

Solana's high throughput and low transaction costs make it particularly attractive for institutional products that require frequent on-chain settlement or are integrated into DeFi protocols processing large volumes — a configuration that fits Ethena's use case precisely.

Strategic Context

STAC sits alongside an expanding roster of tokenized institutional products issued by Securitize, which also hosts funds from Apollo, BlackRock, Hamilton Lane, KKR, and VanEck. The multi-chain expansion of STAC — Ethereum first, now Solana — reflects a broader platform strategy: issuers want maximum distribution reach, and investors want to hold assets on whichever chain matches their operational environment.

For the global CLO market, tokenization addresses structural frictions that have long limited secondary-market liquidity: slow settlement cycles, manual reconciliation, and narrow distribution. Moving AAA-rated CLO exposure on-chain compresses settlement times and opens distribution to a new class of protocol-level buyers, without abandoning the credit-quality and custody standards that institutional allocators require.

The move also reinforces Solana's positioning as a credible venue for institutional-grade assets, a status it has been building through a series of high-profile RWA launches over the past twelve months.

Outlook

STAC's Solana launch, anchored by Ethena's $250 million commitment, marks a meaningful escalation in the convergence of institutional fixed-income and on-chain infrastructure. With Securitize's platform now active across multiple chains and its total AUM exceeding $4 billion, the architecture for broad-based tokenized credit distribution is taking shape. The next signal to watch is whether STAC's Solana AUM grows materially beyond Ethena's anchor position, and whether competing tokenized CLO products emerge to contest the space.

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