Securitize Brings STAC Fund to Solana Blockchain with BNY Mellon Partnership

Solana is gaining traction as a platform for institutional investors with the launch of Securitize's STAC tokenized fund on its blockchain network. The expansion, announced by Securitize, follows a partnership with Bank of New York Mellon (BNY) as custodian. This marks one of the largest institutional investments in tokenized structured products on Solana.

The STAC fund provides exposure to a diversified portfolio of USD-denominated AAA-rated Collateralized Loan Obligations (CLOs). The fund's assets under management (AUM) are currently around $102.16 million with a 30-day yield of approximately 4.50%.

Ethena Labs plans to allocate $250 million to the STAC fund through its native stablecoin USDe, making it one of the largest institutional backings in tokenized funds on Solana. This move highlights the growing convergence between traditional financial assets and blockchain-based markets.

Nick Ducoff, a member of the Solana Foundation, stated that 'Solana is the premier destination for institutional capital moving on-chain.' The launch of STAC on Solana underscores the network's potential as a hub for institutional investors in the blockchain ecosystem.