Securitize and BNY launch tokenized credit fund

Tokenization firm Securitize has launched a tokenized credit fund in partnership with BNY, CoinDesk reported. The fund, named the Securitize Tokenized AAA CLO Fund (STAC), is built on the Ethereum blockchain and provides investment opportunities in Collateralized Loan Obligations (CLOs), which are securities backed by pools of leveraged loans made to companies with lower credit ratings. BNY will serve as the custodian for the fund's assets, while its subsidiary, Insight, will handle investment management.