TL;DR:
- Ethena will allocate $250 million to Securitize’s STAC tokenized fund, which invests in AAA-rated CLOs and operates on Solana.
- The fund currently manages $102 million in assets and records a 7-day APY of 2.42%, with a management fee of 0.30%.
- Janus Henderson revealed this week an investment in ENA and plans to integrate its JAAA fund into the USDe reserve portfolio.
Ethena Labs announced a $250 million allocation to the Securitize Tokenized AAA CLO Fund (STAC), as part of that financial instrument’s launch on the Solana network. The operation is part of the backing asset diversification strategy the protocol has been executing since early 2026, focused on institutional-grade real-world assets.
STAC is a tokenized fund issued by Securitize in collaboration with BNY, which acts as custodian of the underlying assets and sub-advisor through BNY Investments. The fund invests in collateralized loan obligations (CLOs) denominated in dollars with AAA ratings, sourced from primary and secondary markets. It currently manages approximately $102 million in assets, distributed among four investors, with a net asset value of $1,021 and a 7-day APY of 2.42%.
Ethena is partnering with @Securitize as a strategic tokenization partner, with the integration of STAC, the Securitize Tokenized AAA CLO Fund, into USDe's backing.
This expands USDe's institutional-grade RWA exposure beyond existing Blackrock BUIDL collateral.
The integration… https://t.co/MoZTAw78XX pic.twitter.com/wNwgVxokOL
— Ethena (@ethena) June 12, 2026
Ethena Powers the Expansion of Real-World Assets
Ethena’s strategy aims to strengthen the backing of its synthetic dollar products, USDe and USDtb, beyond purely crypto delta-neutral hedging. Since the beginning of 2026, the protocol accelerated its incorporation of real-world assets to scale its capital base and attract institutional investors.
“As onchain finance evolves, we believe tokenized real-world assets will play an increasingly important role in sustaining efficient and scalable financial systems,” said Guy Young, founder of Ethena. “Our allocation to STAC reflects our conviction that institutional-grade credit products can become fundamental components of the onchain economy.“
Securitize Moves Toward Its Stock Market Listing
Carlos Domingo, CEO of Securitize, noted that the expansion of STAC to Solana brings one of the world’s largest fixed-income markets to one of the most active blockchain ecosystems. Global CLO issuance exceeds $1.3 trillion, according to data cited in the announcement.
On the other hand, Janus Henderson revealed an investment in ENA, Ethena’s governance token, and reported plans to use staked USDe for treasury management. As part of that partnership, the protocol will integrate Janus Henderson’s JAAA fund, also issued by Securitize and invested in AAA CLOs, into the USDe reserve portfolio. Additionally, Securitize is advancing toward a stock market listing through a SPAC agreement with Cantor Equity Partners II, under the ticker SECZ, expected in the second half of 2026.
