ChainCatcher, citing a report from The Block, said Ethena Labs plans to allocate $250 million to Securitize’s Tokenized AAA CLO Fund, known as STAC. The fund has already gone live on Solana. The planned allocation is tied to Ethena’s effort to broaden the collateral backing USDe and USDtb beyond crypto-native positions and into institutional-grade real-world assets.
STAC is live on Solana
STAC is issued by Securitize in cooperation with BNY Mellon. According to the report, the fund invests in U.S. dollar-denominated AAA collateralized loan obligations, or CLOs. Its current assets under management are about $102 million, its seven-day annualized yield is about 2.42%, and its management fee is 0.3%. These figures define the core parameters of the product named in Ethena’s planned allocation.
The reported allocation focuses specifically on Securitize’s Tokenized AAA CLO Fund. The fund’s deployment on Solana and its investment in dollar-denominated AAA CLOs place it within the tokenized real-world asset segment described in the report. For Ethena, the $250 million plan is presented as part of a collateral strategy rather than as an expansion of only crypto-native exposure.
USDe and USDtb collateral mix expands
Ethena’s move is intended to expand the collateral for USDe and USDtb from crypto-native positions to institutional-grade real-world assets. The report also said Ethena is working with institutions including Janus Henderson to add its AAA CLO fund, JAAA, to the USDe reserve portfolio. In that structure, the planned STAC allocation and the inclusion of JAAA both relate to Ethena’s use of institutional CLO-linked assets in its reserve and collateral framework.
The key figures disclosed in the report include the planned $250 million allocation, STAC’s approximately $102 million in assets under management, a roughly 2.42% seven-day annualized yield, and a 0.3% management fee. The report did not provide additional execution timing or further transaction terms.