Spiko and Amundi Push Tokenized Funds Past Treasuries

New product: Last week, Paris-based tokenization startup Spiko announced the launch of the Spiko Amundi Overnight Swap Fund (SAFO), a new tokenized fund developed with Amundi, Europe’s largest asset manager. In its first week, the product attracted over $150 million in deposits across more than 700 unique holders.

• Why it matters: To date, the $12 billion tokenized fund market has been dominated by a single product type: money market funds backed by sovereign debt, especially U.S. Treasuries. But with interest rates declining across the board and competition intensifying as major players enter the market, issuers are being pushed to explore new products to remain competitive.

Total return swaps: Instead of holding Treasuries, SAFO uses total return swaps with large banks: the fund holds assets on behalf of banks that want the exposure without the balance sheet cost, and earns a premium in return. The result is a higher yield than a standard tokenized MMF while maintaining a comparable risk profile.

Amundi’s debut: The €2.4 trillion asset manager brings the counterparty network and daily swap management infrastructure that makes the structure viable. It also marks the first time that the firm will manage an externally originated onchain fund, having previously only tokenized shares of its own EUR money market fund in November last year.

Spiko’s B2B play: Spiko, on the other hand, brings the tokenization infrastructure and targeted distribution. The startup already operates tokenized MMFs across the euro, U.S. dollar, and British pound, each designed for corporate treasury and collateral management rather than retail investment. That focus is reflected in its user base: more than 3,500 active holders across 20+ countries, with B2B users accounting for over 90% of total AUM.

• "Tokenized MMFs are particularly valuable for SMEs, which typically have far more limited access to sophisticated treasury services than large multinational corporations," Paul-Adrien Hyppolite, Co-Founder and CEO at Spiko, told Blockstories.
• "They give corporates access to yield-bearing, cash-equivalent instruments that can be transferred around the clock. Traditional alternatives simply cannot offer the same level of flexibility and capital efficiency."

TVL Growth & Active Users Across Spiko’s Core Products

Top 3 issuer: That focus has also allowed Spiko to attract capital sitting outside the onchain economy, fueling rapid growth. Since going live in June 2024, the startup has amassed $1.2 billion in total AUM, making it the largest European issuer of tokenized onchain funds and the third-largest issuer of tokenized Treasuries globally, trailing only Circle's USYC ($2.1 billion) and BlackRock's BUIDL ($2 billion).

Exclusive insights: In our conversation, Hyppolite explained how SAFO fits into Spiko's broader growth ambitions, how the product works in practice, and how the partnership with Amundi came together.

What is the strategic rationale behind SAFO, and why did you launch it with Amundi?

How does a total return swap structure work exactly?

Illustrative example by Blockstories; not an exact representation of SAFO’s operations

In practice, who are the counterparties for SAFO and what role does Amundi play?

You mentioned attracting new users with SAFO. What types of investors are you targeting?