Solana Lures Ethena with $250M Allocation to Tokenized CLO Fund

Solana has attracted another major institutional player with Ethena Labs' planned $250 million allocation to Securitize's STAC, a tokenized AAA CLO fund expanding onto Solana.

The move follows 75% growth in Solana's real-world asset (RWA) activity over the past 30 days, as major blockchains compete for institutional issuance. Ethena Labs' allocation to STAC is one of the largest announced commitments to tokenized structured credit in the Solana ecosystem.

Securitize developed STAC with BNY, which serves as custodian and sub-adviser through BNY Investments. The fund focuses on U.S. dollar-denominated AAA-rated CLO tranches sourced from primary and secondary markets, providing floating-rate structured credit exposure without leverage.