Ethena Labs has planned a $250 million allocation to Securitize’s tokenized AAA-rated CLO fund as the product expands to Solana.
Summary
- Securitize has expanded its tokenized AAA rated CLO fund to Solana, with Ethena Labs planning a $250 million allocation.
- The fund invests in U.S. dollar denominated AAA rated CLO tranches and is supported by BNY as custodian and sub adviser.
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 company said Ethena Labs intends to commit $250 million to the fund as demand grows for institutional-grade real-world assets that can be used within onchain financial markets.
Developed with BNY, which acts as custodian of the underlying assets and serves as sub-adviser through BNY Investments, STAC follows a fundamentals-based strategy and does not employ leverage. Fund managers invest substantially all assets in floating-rate CLO debt with the goal of generating risk-adjusted returns through exposure to structured credit.
Carlos Domingo, co-founder and chief executive officer of Securitize, said the expansion brings one of the world’s largest fixed-income markets onto one of blockchain’s most active networks.
“Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure,” Domingo said.
“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.”
Ethena deepens exposure to tokenized assets
For Ethena, the planned allocation adds another institutional credit strategy to its growing footprint across onchain finance. Guy Young, founder of Ethena, said tokenized real-world assets could become an important component of capital-efficient financial systems as blockchain-based finance continues to mature.
“Our planned allocation to STAC reflects our conviction that institutional-grade credit products can become foundational components of the onchain economy,” Young said.
Recent developments have already increased Ethena’s reach across crypto financial infrastructure. Earlier this month, Coinbase introduced a High Yield USDC vault powered by Morpho and curated by Steakhouse Financial. Coinbase stated that the lending product includes Ethena-related assets within its collateral framework, creating another distribution channel for the protocol through the exchange’s onchain lending services.
At the same time, tokenized asset issuers continue to look for new blockchain networks capable of supporting institutional activity. Nick Ducoff, head of institutional growth at Solana Foundation, said the launch highlights the growing connection between traditional financial products and blockchain-based markets.
“Solana is the premier destination for institutional capital moving onchain,” Ducoff said. “The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets.”
With global CLO issuance exceeding $1.3 trillion, according to figures cited by Securitize, the company said tokenization can reduce operational hurdles associated with institutional credit investing while improving settlement, ownership tracking, and distribution.
The latest product expansion comes weeks after Securitize secured U.S. Securities and Exchange Commission clearance for its planned merger with Cantor Equity Partners II. The transaction is scheduled for a shareholder vote on June 29 and would allow the tokenization firm to begin trading on the New York Stock Exchange under the ticker SECZ if approved.
Company disclosures show Securitize oversees more than $4 billion in tokenized assets and services roughly 650 funds through its fund administration platform. Partnerships with firms including BlackRock, Apollo Global Management, KKR, Hamilton Lane, and VanEck have positioned the company among the largest infrastructure providers in the real-world asset sector.
