Spiko Amundi Overnight Swap Fund (EUR)

Can this project keep operating and funding itself for years?

Sponsored by Amundi (EUR 2.3T AUM) with an S&P AAAf/S1+ rating and over EUR 1.2B in collateralized overnight swap AUM.12

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

AMF-regulated French UCITS SICAV fund with CACEIS depositary oversight and daily on-chain NAV attestations via Chainlink.13

Does the protocol earn real fees or income from use?

Overnight ESTR-linked yields from fully collateralized Tier 1 G-SIB total return swaps compound daily into share NAV.12

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

Native multi-chain tokenized UCITS fund registry connecting regulated European cash management across EVM networks and Stellar.45

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

More than 3,700 European corporate and institutional holders use the fund, though whitelisted access limits retail social activity.62

Do supply, issuance and unlocks protect holders from dilution?

Circulating supply equals 100% of total supply, with shares minted and burned strictly against verified euro subscriptions and redemptions.34

1. 1int.media.amundi.com/article/spiko-and-amundi-introduce-safoCited for Sustainability, Transparency, Revenue
2. 2coingecko.com/en/coins/spiko-amundi-overnight-swap-fund-eurCited for Sustainability, Revenue, Community
3. 3polygonscan.com/token/0x272ea767712cc4839f4a27ee35eb73116158c8a2Cited for Transparency, Tokenomics
4. 4github.com/spiko-tech/contractsCited for Innovation, Tokenomics
5. 5github.com/spiko-tech/solana-contractsCited for Innovation
6. 6github.com/spiko-tech/effect-messagingCited for Community

• Tier 1 European institutional sponsorship. Managed by Amundi (EUR 2.3 trillion AUM) with CACEIS as depositary bank and BNP Paribas as initial swap counterparty.
• Independent top-tier credit validation. Assigned an AAAf fund credit rating and S1+ volatility rating by S&P Global Ratings in September 2026.
• Rapid institutional and corporate scale. Fund AUM surpassed EUR 1.2 billion by September 2026 with more than 3,700 on-chain holders across supported networks.
• Regulated French UCITS framework. AMF-authorized SICAV structure with a 1 EUR minimum subscription and daily ESTR-linked overnight yield accrual.
• Zero supply dilution mechanics. Circulating supply matches total supply at 100%, with shares minted and burned strictly against verified fund subscriptions and redemptions.

• Total return swap counterparty exposure. Yield generation relies on over-the-counter swaps with G-SIB banks, though mitigated by full daily collateralization under UCITS rules.
• Negligible secondary exchange liquidity. Token transfers are whitelisted and secondary market volume is virtually zero, making investors dependent on Spiko primary redemptions.
• Short live operating history. Launched in March 2026, the tokenized multi-chain register has not yet operated through a severe European banking or rate-shock stress event.
• Multi-chain smart contract surface. Operating tokenized share registers across Ethereum, Polygon, Arbitrum, and Stellar introduces cross-chain administrative and oracle dependencies.
• Currency translation risk for USD accounts. While EURSAFO preserves stable euro principal and overnight yield, its USD price fluctuates directly with EUR/USD spot rates.

Spiko Amundi Overnight Swap Fund EUR (EURSAFO) leads the euro-denominated tokenized money market segment as a regulated, yield-bearing alternative to fiat euro stablecoins. Circle EURC and Stasis EURS provide open secondary exchange liquidity and permissionless DeFi transfers, but neither passes through European Central Bank overnight rates to holders.

Spiko Amundi Overnight Swap Fund EUR (EURSAFO) stands as of October 19, 2026 as the premier institutional euro cash-management instrument on public blockchains. Backed by Amundi portfolio management, CACEIS depositary oversight, fully collateralized G-SIB bank swaps, and a September 2026 S&P AAAf/S1+ rating, the fund offers strong principal protection.