Ethena to Invest $250 Million in Securitize Fund on Solana

Ethena Labs, the issuer of the stablecoin USDe, plans to invest $250 million in a real-world asset fund managed by Securitize.

The Block reported on June 12 that Ethena Labs announced a $250 million investment in STAC, Securitize’s tokenized AAA CLO fund. STAC was launched on the Solana network the same day.

STAC is a tokenized credit fund issued by Securitize in partnership with BNY. BNY serves as custodian for the underlying assets and as sub-adviser.

The fund invests in U.S. dollar-denominated AAA-rated collateralized loan obligations. It provides exposure to the structured credit market through CLOs sourced in the primary and secondary markets.

STAC currently manages about $100 million in assets. Its net asset value stands at $1,021, and its seven-day annualized yield is 2.42%.

The investment is part of Ethena’s strategy to diversify collateral assets backing ENA. Since early this year, the company has expanded institutional RWA investments in response to inflows from traditional finance. Ethena founder Guy Young said the evolution of on-chain finance would make RWAs an important part of building a scalable and efficient financial system.