$250M from Ethena puts STAC in the same institutional-yield lane as USDtb/BUIDL, but with AAA CLO carry instead of clean T-bill collateral. Solana gets a better RWA menu than another treasury wrapper; Ethena gets a new yield sleeve that does not depend on perps funding staying fat. The risk is boring and important: senior CLO tranche does not equal same-day liquidity, and DeFi collateral markets will need haircuts, transfer gating, and redemption mechanics nailed before this is more than a whitelisted balance-sheet token.

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