Ethena Labs commits $250M to tokenized CLO fund on Solana

Ethena Labs will allocate $250M to Securitize’s AAA CLO Fund on Solana, diversifying collateral for its synthetic dollars and expanding institutional-grade real-world assets onchain.

Ethena Labs is set to allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC) as it launches on the Solana blockchain. This marks one of the largest commitments to tokenized structured credit on Solana to date. STAC, developed by Securitize in partnership with BNY, offers exposure to U.S. dollar-denominated AAA-rated collateralized loan obligations sourced from both primary and secondary markets. The fund currently manages $102 million in assets from four investors, with a seven-day APY of 2.42% and a 0.30% management fee. Ethena’s investment is part of a broader strategy to diversify the collateral backing its synthetic dollar products, USDe and USDtb, by incorporating institutional-grade real-world assets alongside crypto-based positions. This move is expected to significantly expand the fund’s scale and liquidity, highlighting the growing trend of tokenizing traditional financial instruments and strengthening institutional adoption of onchain finance.