Brief

Securitize, Ethena put Solana STAC plan into USDe collateral frame

Securitize said in an X post on June 12 that it is expanding its Securitize Tokenized AAA CLO Fund, STAC, to Solana and that Ethena plans to allocate $250 million to the fund. Ethena said in an X post that it is partnering with Securitize and integrating STAC into USDe’s backing, while Securitize described STAC as exposure to AAA-rated collateralized loan obligations developed in collaboration with BNY Mellon. The strongest evidence so far is participant X posts and secondary KuCoin/PANews coverage citing The Block, so the Solana deployment status, exact legal nature of Ethena’s $250 million, USDtb use, custody roles, and on-chain identifiers remain unresolved.

Solana · June 12, 2026

Sources & context

Evidence, open claims, and reader-facing editor notes.

Dek

Securitize’s STAC expansion to Solana, with reported $250 million Ethena backing, makes tokenized credit collateral a live test for stablecoin reserve design, liquidity, and institutional custody.

Synthesis angle

Investigate whether putting a CLO-backed tokenized fund on Solana changes stablecoin collateral incentives, custody control, and institutional use of public-chain rails.

Source

Securitize Expands STAC Fund to Solana with $250M Ethena Backing

Preferred source plan

Securitize announcement and STAC fund materials
Ethena governance proposal or risk committee approval documents
STAC fund offering documents and custodian disclosures
Solana token mint or program addresses for the STAC deployment
BNY Mellon or other named service-provider disclosures
Ethena reserve and collateral attestation materials

Reading the dossier...