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Ethena Labs has agreed to allocate $250 million to STAC, a tokenized fund from Securitize that holds AAA-rated collateralized loan obligations, while simultaneously deploying its protocol on the Solana ($SOL) blockchain.
The two moves together signal a push into institutional structured credit and a new settlement network.
On the credit side, the more pointed question is what Ethena expects to receive for $250 million — and what Securitize's fund gets in return.
What a Tokenized CLO Fund Actually Is STAC is Securitize's in-house product designed to give buyers on-chain access to institutional-grade, floating-rate structured credit.
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