Ethena Labs allocates $250M to Securitize’s tokenized AAA CLO fund
Ethena Labs has committed $250 million to Securitize’s STAC fund, a tokenized product providing onchain access to AAA-rated collateralized loan obligations. This investment brings Ethena’s total allocation to tokenized structured credit to $500 million, following a previous $250 million investment in Centrifuge’s JAAA fund. The STAC fund, which launched in October 2025, offers institutional-grade, floating-rate credit exposure that was previously inaccessible to most crypto-native investors. By utilizing blockchain rails, the fund enables investors to bypass traditional brokerage accounts and benefit from 24/7 settlement capabilities. This move is significant for the RWA market as it diversifies DeFi yield sources away from crypto-correlated assets toward traditional, high-rated debt instruments. Furthermore, the integration of atomic swaps between Ethena’s USDtb stablecoin and products like BUIDL or STAC removes historical friction associated with T+1 settlement windows. While these developments enhance operational efficiency, they also introduce new considerations regarding smart contract risk and the maturity of onchain redemption mechanisms.