Ethena commits $250m to tokenised CLO fund on Solana

Securitize has expanded its Securitize Tokenized AAA CLO Fund (STAC) to the Solana blockchain, supported by a planned $250 million commitment from Ethena Labs. The fund, which invests in AAA-rated collateralised loan obligations sourced from primary and secondary markets, employs no leverage and targets floating-rate exposure. BNY serves as the custodian for the underlying assets and acts as sub-adviser through BNY Investments. This initiative represents one of the largest single commitments to tokenised structured credit on Solana, aligning with a broader institutional trend of moving capital onchain.

The expansion of STAC to Solana was announced on June 12, 2026. Ethena Labs, creator of the USDe stablecoin, is backing the move, reflecting a broader thesis on the role of tokenised real-world assets in onchain finance. The protocol, which has attracted backing from Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit and OKX, has built USDe into the fastest-growing USD-denominated crypto asset in history.

Guy Young, founder of Ethena, stated that the planned allocation reflects a conviction that institutional-grade credit products can become foundational components of the onchain economy. "As onchain finance evolves, we believe tokenised real-world assets will play an increasingly important role in supporting scalable, capital-efficient financial systems," Young said.

The move coincides with significant growth in Solana’s real-world asset sector. According to a Messari report published in May, Solana’s RWA market capitalisation rose 43% quarter-on-quarter to $2.01 billion in Q1 2026. Tokenised asset trading volume on the network hit a record $1.3 billion in the same period. Furthermore, Solana surpassed Ethereum to become the leading blockchain for RWA lending deposits, which surged 115% in three months to $1.23 billion, according to Blockworks Advisory.

Nick Ducoff, Head of Institutional Growth at Solana Foundation, described Solana as the premier destination for institutional capital moving onchain. "The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets," Ducoff said. STAC joins other tokenised institutional products issued by Securitize on public blockchains, including funds from Apollo, BlackRock, Hamilton Lane, KKR, and VanEck.

Eligible investors can subscribe via Securitize’s regulated platform, with shares issued as digital securities subject to integrated KYC, AML, and investor accreditation checks. Carlos Domingo, co-founder and CEO of Securitize, noted that tokenisation is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure. The global CLO market exceeds $1.3 trillion, making it one of the largest and most established segments of institutional credit.