Securitize has expanded its tokenized AAA collateralized loan obligation fund, STAC, to the Solana blockchain. Ethena Labs plans to allocate $250 million to the fund, marking one of the biggest tokenized structured credit commitments to Solana's real-world asset (RWA) market to date.
Why Solana
Securitize already runs STAC on Ethereum. Adding Solana gives the fund access to a different liquidity pool and a growing RWA ecosystem. Solana's low transaction costs and high throughput make it a natural fit for tokenized credit products that need to move quickly. The move also signals that institutional-grade structured finance is no longer tethered to a single chain.
The $250 million commitment
Ethena Labs is putting real money behind that thesis. The $250 million allocation is earmarked for the STAC fund on Solana. It's a vote of confidence in both the fund's underlying AAA-rated CLOs and Solana's ability to handle large-scale tokenized assets. Ethena didn't say how the allocation will be staged, but the size alone puts Solana's RWA sector on a different footing.
What this means for RWA on Solana
Solana has been building out its RWA infrastructure for months, but big-ticket tokenized credit has mostly stayed on Ethereum. This deal changes that. A $250 million commitment from a major protocol like Ethena Labs gives other issuers a reason to look at Solana. It also puts pressure on the network to keep uptime and compliance tools solid — because institutional money doesn't tolerate outages.
Securitize hasn't said when the Solana version of STAC will go live. Ethena's allocation is expected to flow in after launch. For now, the announcement is the biggest signal yet that tokenized structured credit is going multichain.
