Spiko Amundi Overnight Swap Fund

Can this project keep operating and funding itself for years?

Amundi backing with EUR 2.3 trillion AUM provides premier institutional asset management and regulatory infrastructure under French SICAV UCITS laws.12

Can outsiders see and check what the team and the protocol do?

Chainlink on-chain NAV verification and CACEIS depositary reporting deliver real-time transparency and independent oversight for tokenized share registers.31

Does the protocol earn real fees or income from use?

Fund generates operational fee revenue through UCITS management margins and interest spread on collateralized total return swaps with bank counterparties.1

Is the technology being built and shipped, and does it matter?

Multi-chain tokenized register deployed across Ethereum, Stellar, Polygon, Arbitrum, Base, Starknet, and Etherlink with automated compliance.31

Who uses, builds and holds it, and how durable is that base?

Product focuses on institutional cash desks and corporate treasuries rather than public retail crypto communities or decentralized governance channels.3

Do supply, issuance and unlocks protect holders from dilution?

Token represents direct 1:1 beneficial ownership of UCITS fund shares with net asset value tracking and zero speculative token emission dilution.1

1. 1int.media.amundi.com/article/spiko-and-amundi-introduce-safoCited for Sustainability, Transparency, Revenue, Innovation, Tokenomics
2. 2ledgerinsights.comCited for Sustainability
3. 3spiko.ioCited for Transparency, Innovation, Community

• Backed by Amundi (EUR 2.3 trillion AUM), the largest asset manager in Europe, providing institutional credibility and investment management expertise unmatched by crypto-native RWA issuers.
• Reached $400 million AUM within three weeks of March 2026 launch, demonstrating exceptional product-market fit and overtaking BlackRock BUIDL as fastest-growing tokenized fund.
• Fully collateralized TRS structure with G-SIB rated (A- or above) bank counterparties, delivering stable overnight yields above risk-free benchmarks with institutional-grade risk management.
• Multi-chain deployment across 7 networks (Ethereum, Stellar, Polygon, Arbitrum, Base, Starknet, Etherlink) with Chainlink on-chain NAV, maximizing DeFi composability and accessibility.
• UCITS-regulated under French SICAV law with CACEIS as depositary bank, providing regulatory clarity that crypto-native yield products lack.

• Limited operating history since March 19, 2026 launch; long-term performance through market stress cycles remains unproven.
• Counterparty risk concentrated in Tier 1 bank total return swaps, though mitigated by full collateralization and G-SIB credit quality (A- minimum).
• Smart contract risk across 7 blockchain deployments increases attack surface, partially mitigated by Chainlink NAV verification infrastructure.
• Regulatory uncertainty as tokenized UCITS navigate evolving EU MiCA framework and cross-border distribution rules for blockchain-native fund shares.

Spiko Amundi Overnight Swap Fund (SAFO) is positioned as the institutional standard for tokenized money market funds, competing directly with BlackRock BUIDL, Ondo USDY, and Franklin Templeton BENJI. The Amundi backing (EUR 2.3 trillion AUM) provides credibility exceeding any crypto-native issuer, while the $400 million AUM within three weeks of launch demonstrates superior capital attraction.

Spiko Amundi Overnight Swap Fund (SAFO) represents a landmark development in institutional RWA tokenization, combining Amundi (Europe largest asset manager at EUR 2.3 trillion AUM) expertise with Spiko blockchain infrastructure to deliver a regulated UCITS money market fund across 7 blockchain networks. The $400 million AUM achieved within three weeks of March 2026 launch validates strong institutional demand for tokenized treasury instruments with overnight liquidity.