The Securitize Tokenized AAA CLO Fund, known as STAC, will now be available to eligible investors through Solana, with Ethena Labs planning a $250 million allocation. The commitment ranks among the largest planned deployments into tokenised structured credit on the Solana ecosystem and signals a broader shift by crypto-native finance platforms toward regulated, income-generating real-world assets.
STAC is designed to provide exposure to AAA-rated collateralised loan obligations, a part of the credit market that has long been used by institutional investors seeking floating-rate income. The fund invests substantially all of its assets in US dollar-denominated AAA-rated CLO tranches sourced from primary and secondary markets, using a fundamentals-driven strategy without leverage. The structure aims to combine conventional credit selection with digital securities infrastructure that can support faster settlement, clearer recordkeeping and blockchain-based ownership.
BNY serves as custodian for the fund’s underlying assets, while BNY Investments acts as sub-adviser through its structured-credit capabilities. That arrangement gives the product a traditional finance backbone at a time when tokenisation platforms are trying to reassure investors that blockchain wrappers do not replace core requirements around custody, compliance, asset selection and legal enforceability.
The fund was launched in October 2025 with services provided by BNY and a planned $100 million anchor allocation from Grove, a credit infrastructure protocol linked to the Sky ecosystem. Its Solana rollout widens distribution beyond its original Ethereum-based availability and places STAC inside one of the most active blockchain environments for stablecoins, decentralised exchanges and high-frequency on-chain transactions.
Securitize has positioned the expansion as part of a push to bring higher-grade fixed-income products into blockchain markets. The company says eligible investors can subscribe through its regulated platform, with fund shares issued as digital securities and subject to know-your-customer, anti-money-laundering and investor accreditation checks. That compliance layer is central to Securitize’s model, which differs from many lightly regulated token offerings aimed at retail crypto users.
The timing is significant. Tokenised real-world assets have moved from a niche experiment into a visible part of digital finance, led by US Treasury products, private credit, commodities and money-market-style funds. On-chain real-world assets now account for tens of billions of dollars in distributed value, while tokenised credit has grown into a multi-billion-dollar segment as asset managers, custodians and blockchain platforms compete to make traditional instruments more usable in digital markets.
Ethena’s planned allocation also reflects a changing approach among decentralised finance operators that previously relied heavily on crypto collateral and derivatives-based yield strategies. By allocating to an AAA CLO fund, Ethena is seeking exposure to a credit product that may provide income and diversification while remaining compatible with blockchain settlement. Ethena operates the USDe and USDtb ecosystem and has been widening the mix of assets used across its financial infrastructure.
For Solana, the launch strengthens its effort to attract institutional capital beyond trading and consumer-facing crypto applications. The network has built a reputation for high throughput and low transaction costs, attributes that are attractive for products requiring frequent movement, settlement or collateral use. Its ecosystem already hosts significant stablecoin liquidity and decentralised finance activity, but institutional-grade tokenised funds remain a contested arena dominated by issuers that must satisfy both securities rules and blockchain users’ expectations for speed and transparency.
The broader CLO market exceeds $1.3 trillion across the US and Europe, making it one of the largest structured-credit segments available for tokenisation. AAA CLO tranches sit at the top of the capital structure and are typically viewed as lower-risk than subordinated CLO debt, though they remain exposed to credit deterioration, market volatility, interest-rate shifts and liquidity constraints. A tokenised wrapper does not remove those risks or guarantee secondary-market trading depth.
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