Overview
- Securitize expanded its Tokenized AAA CLO Fund, STAC, onto the Solana network and Ethena announced a planned $250 million allocation to the fund on Friday, June 12, 2026.
- STAC offers exposure to U.S. dollar‑denominated AAA‑rated CLO tranches, was developed with BNY as custodian and sub‑adviser, and follows a no‑leverage, fundamentals‑driven strategy.
- Ethena's Risk Committee approved integrating STAC into USDe's backing after independent due diligence that evaluated liquidity, credit quality, drawdown profile, and pricing transparency.
- Securitize issues STAC shares as regulated digital securities with KYC/AML checks and transfer‑agent recordkeeping, while Securitize and the Solana Foundation say Solana's speed and low fees support onchain institutional activity.
- The move connects a more than $1.3 trillion global CLO market to onchain rails, which could widen investor access and faster settlement but also raises questions about custody, regulatory compliance, and how traditional credit risk maps onchain.