Overview
- On Friday, June 12, 2026, Securitize expanded its Tokenized AAA CLO Fund (STAC) to the Solana blockchain and Ethena Labs announced a planned $250 million allocation to the fund.
- STAC tokenizes U.S. dollar‑denominated AAA tranches of collateralized loan obligations, was built with BNY as custodian and sub‑adviser, and follows a fundamentals‑based, no‑leverage strategy.
- Securitize reported that STAC had about $102 million in assets under management and a roughly 4.5% 30‑day yield as of late May 2026.
- Ethena’s Risk Committee approved integrating STAC into reserves for its USDe synthetic dollar after independent due diligence that reviewed liquidity, credit quality, drawdown profile, and pricing transparency.
- Supporters say the expansion will speed settlement and broaden investor access to large fixed‑income markets, while critics warn it adds smart‑contract, regulatory, liquidity, and tokenization‑specific redemption risks to on‑chain finance.