Ethena Labs just wrote a $250 million check for a tokenized debt product that most crypto natives have never heard of. The allocation goes to Securitize’s STAC fund, which gives onchain investors access to AAA-rated collateralized loan obligations, the kind of institutional-grade structured credit that traditionally lives behind locked doors on Wall Street.
The protocol also invested $250 million in Centrifuge’s tokenized Janus Henderson Anemoy AAA CLO Fund, known as JAAA, which launched in June 2025. That puts Ethena’s total commitment to tokenized structured credit at half a billion dollars.
What STAC actually is
STAC is one of Securitize’s in-house offerings that provides onchain access to institutional-grade, floating-rate structured credit. It takes bundles of corporate loans that received the highest possible credit rating, tokenizes them, and lets investors buy exposure through blockchain rails instead of traditional brokerage accounts.
The fund commenced operations on October 29, 2025. As of late May 2026, STAC had accumulated approximately $102 million in assets under management and was delivering a 30-day yield of around 4.5%.
