Ethena Labs to allocate $250M to Securitize tokenized fund

Ethena Labs plans to allocate $250 million to the Securitize tokenized AAA CLO fund (STAC) launching on the Solana chain, The Block reported. The fund, launched by Securitize in partnership with BNY, invests in AAA-rated collateralized loan obligations (CLOs) with exposure to both primary and secondary markets and currently has $102 million in assets under management. The allocation is part of Ethena Labs' strategy to diversify the collateral backing USDe and USDtb into real-world assets (RWA), moving beyond its crypto-based delta-neutral position. Meanwhile, the fund's issuer, Securitize, is scheduled to list on Nasdaq in the second half of this year through a SPAC merger under the ticker SECZ.