Securitize has expanded its Tokenized AAA CLO Fund, or STAC, to Solana, adding another regulated real-world asset product to the network’s onchain finance stack. The company also said Ethena Labs plans to allocate $250 million to the fund.
In Securitize’s announcement, the planned Ethena allocation was described as one of the largest commitments to tokenized structured credit on Solana to date. The update strengthens Solana’s growing RWA narrative, though the announcement does not confirm how much STAC liquidity has already been deployed onchain after the expansion.
STAC Targets Tokenized Structured Credit
STAC is a tokenized fund focused on AAA-rated collateralized loan obligations, a segment of structured credit typically associated with institutional fixed-income markets. By bringing the product to Solana, Securitize is extending access to a credit instrument that sits outside native crypto yield strategies.
The fund was developed with BNY, which serves as custodian for the underlying assets and sub-adviser through BNY Investments. That structure gives the product a regulated financial-market framework while allowing it to operate inside tokenized market infrastructure.
Securitize framed the Solana expansion as part of a broader effort to bring institutional credit products onchain. The company pointed to Solana’s speed, throughput and lower transaction costs as factors supporting the deployment.
Ethena Allocation Highlights RWA Collateral Demand
Ethena’s planned $250 million allocation adds weight to the rollout because it connects STAC to a major onchain dollar and yield ecosystem. For tokenized credit products, large allocator participation can help determine whether a fund becomes useful infrastructure or remains a limited-access product.
The announcement also reflects a broader market push toward yield-bearing real-world assets as collateral building blocks. Tokenized credit funds can potentially support onchain treasury management, collateral strategies and structured liquidity products, depending on integration and risk controls.
Still, the immediate onchain impact remains unconfirmed. Securitize confirmed the Solana expansion and Ethena’s planned allocation, but post-launch TVL, deployed asset size and live utilization metrics were not included in the announcement.
For now, the update is significant but still early in execution terms. STAC is now available on Solana, and Ethena has signaled a large planned commitment, but the scale of actual onchain adoption will depend on follow-through, reporting and visible ecosystem integration.
