Ethena Labs has committed $250 million to Securitize's tokenized AAA-rated CLO fund as the product expands to the Solana blockchain. According to a June 12 press release, the Securitize Tokenized AAA CLO Fund (STAC) is now available on Solana, extending access to a fund focused on U.S. dollar-denominated AAA-rated collateralized loan obligation tranches sourced from both primary and secondary markets. The fund invests in floating-rate CLO debt with the goal of generating risk-adjusted returns through exposure to structured credit. This latest allocation brings Ethena's total commitment to tokenized structured credit to $500 million across two separate funds.
The fund is currently managing approximately $102 million in assets and posts a seven-day APY of 2.42% as of Friday, according to RWA.xyz. The fund commenced operations on October 29, 2025, and is developed with BNY Mellon, which acts as custodian of the underlying assets and serves as sub-adviser through BNY Investments. As reported by Securitize, the fund follows a fundamentals-based strategy and does not employ leverage, with fund managers investing substantially all assets in floating-rate CLO debt. The fund carries a net asset value of $1,021 and charges a 0.30% management fee, down significantly from its 30-day average APY of 11.23%. The product launch brings one of the world's largest fixed-income markets onto one of blockchain's most active networks.
Ethena's $250 million allocation to STAC is specifically designed to broaden the collateral base supporting USDe and USDtb, shifting part of its backing from crypto-native positions toward institutional-grade real-world assets. The firm has also invested $250 million in Centrifuge's tokenized Janus Henderson Anemoy AAA CLO Fund (JAAA), which launched in June 2025, as reported by The Block. This strategic move represents Ethena's commitment to diversifying its collateral strategy while maintaining exposure to institutional-grade credit products. The AAA tranches of CLOs sit at the top of the capital structure, meaning they get paid first and absorb losses last, providing a fundamentally different risk profile than most DeFi yields. Beginning in early 2026, Ethena has actively pursued institutional-grade real-world assets to make its backing more robust, scalable, and attractive to traditional capital.
With global CLO issuance exceeding $1.3 trillion, according to figures cited by Securitize, the company emphasizes that tokenization can reduce operational hurdles associated with institutional credit investing while improving settlement, ownership tracking, and distribution. The expansion comes as tokenized credit products gain momentum, with Solana Foundation's Nick Ducoff noting that "Solana is the premier destination for institutional capital moving onchain." The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets, with Securitize providing integrated KYC, AML and investor accreditation through its transfer agent infrastructure. Company disclosures show Securitize oversees more than $4 billion in tokenized assets and services roughly 650 funds through its fund administration platform.
Earlier this week, 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. As part of the partnership, Ethena is integrating Janus Henderson's JAAA fund, which is issued by Securitize and invests in AAA-rated CLOs, into USDe's reserve portfolio. Ethena founder Guy Young emphasized that "as onchain finance evolves, we believe tokenized real-world assets will play an increasingly important role in supporting scalable, capital-efficient financial systems." Securitize plans to go public through a SPAC deal with Cantor Equity Partners II to trade under the ticker SECZ, with the IPO expected to go through in the second half of 2026 after the Securities and Exchange Commission cleared the firm's registration statement last week.
