Securitize has expanded its STAC tokenized AAA CLO fund to the Solana blockchain, the firm said Wednesday. The move gives investors on Solana direct access to a fund that holds AAA-rated collateralized loan obligations (CLOs) — a type of structured credit product that historically was only available through traditional finance channels. Hours after the announcement, Ethena confirmed it is evaluating a proposed $250 million allocation to STAC as a potential backing asset for its stablecoins USDe and USDtb. The allocation is not yet final; it requires a governance vote.
What the STAC fund actually holds
STAC is shorthand for Securitize's tokenized fund that invests in AAA-rated CLOs — pools of corporate loans packaged and sold as bonds. The fund uses blockchain rails to handle subscriptions, redemptions, and secondary trading. Until Wednesday, it was only available on Ethereum. The Solana deployment means users on that network can buy and sell STAC tokens without bridging assets or leaving the ecosystem. Securitize positions the fund as a way to bring real-world assets (RWAs) onto public blockchains, a trend that has picked up steam over the past year as protocols look for yield sources beyond volatile crypto markets.
Ethena's proposed bet
Ethena, the protocol behind the yield-bearing stablecoin USDe and its sister token USDtb, said it is weighing a $250 million purchase of STAC tokens. If approved by Ethena's governance, that allocation would make STAC one of the largest single RWA holdings in a stablecoin reserve. The proposal is still in the evaluation phase — no money has moved yet. Ethena's stablecoins currently back their peg with a mix of staked ETH, liquid staking tokens, and short-term Treasuries. Adding AAA CLOs would introduce a new asset class to the reserve, one that carries credit risk, liquidity risk, and governance risk that cash or Treasuries don't have.
Why Solana matters here
Solana has spent much of the past two years trying to shed its meme-coin image and convince institutions it can handle serious finance. Tokenized funds like STAC are part of that pitch. If a $250 million stablecoin reserve allocation actually lands on Solana, it would be one of the biggest institutional RWA deployments on the network. The chain has the throughput to handle high-frequency trading, but structured credit products test a different muscle — custody, compliance, and the ability to handle redemptions during a credit event. Securitize is betting Solana's infrastructure is ready for that. Ethena's governance vote will be the first real signal of whether the market agrees.
What happens next
Ethena's proposal still needs to pass a governance vote. No date has been set. If it goes through, the $250 million would flow into STAC on Solana, giving the fund a major institutional backer and giving Ethena's stablecoin reserves a new source of yield — along with a new set of risks. The vote will be the next concrete milestone to watch.
