Ethena to Allocate $250M to Securitize AAA CLO on Solana

Ethena will allocate $250 million to Securitize’s Tokenized AAA CLO Fund (STAC) as the fund launches on the Solana blockchain. The allocation is intended for Ethena’s reserve portfolio for its synthetic dollar products.

STAC is a tokenized private credit fund issued by Securitize with BNY serving as custodian for the fund’s assets and as sub-adviser through BNY Investments. The fund buys U.S. dollar‑denominated, AAA‑rated collateralized loan obligations from primary and secondary markets to provide floating‑rate exposure to structured credit. Securitize reports global CLO issuance above $1.3 trillion.

At the time of the Solana launch, STAC had about $102 million in assets under management from four investors. The fund carried a net asset value of $1,021, a seven‑day annualized yield of 2.42% and a 0.30% management fee. Its 30‑day average annualized yield was 11.23%.

Ethena began shifting its reserves strategy in early 2026 to add institutional, tokenized real‑world assets to backing for its synthetic dollars, USDe and USDtb, moving beyond crypto‑native delta‑neutral hedging and ETH staking. The company has also pursued a multichain deployment approach. Ethena founder Guy Young commented, “As onchain finance evolves, we believe tokenized real‑world assets will play an increasingly important role in supporting scalable, capital‑efficient financial systems. Our planned allocation to STAC reflects our conviction that institutional‑grade credit products can become foundational components of the onchain economy.”

Securitize positioned the Solana listing as a way to bring fixed‑income products onto a high‑throughput blockchain. Carlos Domingo, Securitize chief executive, noted, “Expanding STAC to Solana brings one of the largest fixed‑income markets in the world onto one of the most active blockchain ecosystems. Ethena's planned allocation further demonstrates how tokenized real‑world assets are becoming core infrastructure for the next generation of finance.”

Major asset manager Janus Henderson disclosed an investment in Ethena’s governance token ENA and plans to use Ethena’s staked USDe for cash management. Ethena is also integrating Janus Henderson’s JAAA fund, issued by Securitize and focused on AAA‑rated CLOs, into USDe’s reserve portfolio.

Securitize is preparing to go public through a SPAC with Cantor Equity Partners II and expects to trade under the ticker SECZ after the Securities and Exchange Commission cleared its registration statement. The IPO is targeted for the second half of 2026.