Ethena Labs plans to allocate $250 million to the Securitize Tokenized AAA CLO Fund (STAC) as the product launches on the Solana blockchain, marking a deeper move into real-world assets to back its synthetic dollar offerings.
Ethena expands into tokenized credit markets
The allocation extends Ethena’s ongoing shift toward incorporating traditional financial instruments into the reserves behind its USDe and USDtb products. The firm began this effort in early 2026 and is now broadening it beyond Ethereum to multiple blockchains, including Solana, which offers faster and lower-cost transactions.
STAC, developed by Securitize in partnership with BNY, invests in U.S. dollar-denominated AAA-rated collateralized loan obligations sourced from both primary and secondary markets. BNY serves as custodian and sub-adviser through its investment division.
As of the latest data, the fund holds $102 million in assets across four participants, with a net asset value of $1,021 per token. Its seven-day annual percentage yield stands at 2.42%, down sharply from a 30-day average of 11.23%, while the management fee is 0.30%, according to RWA.xyz.
Strategy targets stability beyond crypto-native yields
Ethena’s move reflects an effort to diversify away from purely crypto-native strategies such as staking and hedging. By integrating structured credit products like CLOs, the firm aims to tap into yield streams from traditional markets, potentially stabilizing returns across different market conditions.
Securitize positions STAC as part of its broader structured credit suite, offering onchain access to institutional-grade, floating-rate products. The global CLO market currently exceeds $1.3 trillion, underscoring the scale of the opportunity being brought onchain.
Partnerships deepen link between defi and traditional finance
The shift comes alongside a growing relationship with asset manager Janus Henderson, which recently disclosed an investment in Ethena’s governance token ENA. The firm also plans to integrate Ethena’s staked USDe into its cash management framework.
As part of the collaboration, Janus Henderson’s JAAA fund—another Securitize-issued vehicle focused on AAA-rated CLOs—will be added to Ethena’s reserves. The partnership signals a broader alignment between decentralized finance infrastructure and traditional asset managers.
Tokenized real-world assets gain traction
The broader market for tokenized real-world assets has expanded rapidly. Estimates place the sector between $19 billion and $36 billion excluding stablecoins, driven largely by demand for onchain exposure to U.S. Treasuries and private credit.
One report noted a 589% increase in active tokenized RWAs from early 2025 to mid-2026, while total onchain tokenized assets surpassed $26 billion by March 2026, up from $6.5 billion a year earlier.
Public listing plans add momentum
Securitize is also moving toward a public listing through a merger with Cantor Equity Partners II under the ticker SECZ. The offering is expected in the second half of 2026, following recent regulatory approval, with a shareholder vote scheduled for late June.
Traders are likely to watch how the introduction of traditional credit instruments into crypto-backed systems affects risk and return profiles, particularly during periods of volatility. The growing use of tokenized debt products may signal a shift toward a more mature and interconnected financial ecosystem.
Explore how tokenized treasuries and credit reshape DeFi—read why you should care about RWAs today.
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