EUR / tokenized money market fund

Spiko Amundi Overnight Swap Fund (EUR share class)

eurSAFO · issued by SPIKO SICAV (sub-fund); Amundi Asset Management as delegated asset manager; swap counterparty BNP Paribas; CACEIS depositary and administrator. verified

2.54%

published yield

$938.05M

size

allowlist only

can you hold it

The terms

Issuer: SPIKO SICAV (sub-fund); Amundi Asset Management as delegated asset manager; swap counterparty BNP Paribas; CACEIS depositary and administrator
Jurisdiction: France (French SICAV, UCITS, AMF-authorised)
Chains: Stellar, Arbitrum One, Polygon PoS, Ethereum, Base, Starknet, Etherlink
Contracts: No contract address could be established from public sources. That is a disclosure gap on the issuer, and it is recorded as one.
Yield basis: 7-day APY (30-day APY 2.50%). Structurally the fund targets €STR plus a spread of more than 0.25% net of fees, delivered via a fully collateralised total return swap that resets daily. source
Size: $938.05M source
Minimum: 1 EUR
Who may hold it: KYC/AML-verified, allowlisted wallets only. Same SPIKO SICAV prospectus terms as EUTBL, therefore US Persons are excluded under Regulation S. Marketed to businesses, institutions and individuals. source
Redemption: Overnight liquidity, daily NAV. Subscription/redemption orders before 11:30 a.m. Paris time execute on the next NAV; no notice period, no penalty, no withdrawal fee. 24/7 transferability between allowlisted wallets. source
Cost to enter: Management fee 0.25% p.a. plus ~5bp administration fee (RWA.xyz); no subscription or redemption fees. KYC and allowlisting required. Gas costs borne by investor.
Transferability: Permissioned. Transfers only between allowlisted wallets.
Secondary liquidity: $16.79k. DefiLlama reports ~$16.8k DeFi TVL, all on Morpho Blue (Ethereum). Effectively negligible relative to a ~$1bn fund.

What we think you should know

Launched 19 March 2026 and already roughly the same size as EUTBL, the fastest-growing EUR on-chain yield instrument I found. The catch for an allocator is that this is NOT a T-bill fund. It holds equities (MSCI World / S&P 500 / STOXX Europe 600) and swaps their total return away to BNP Paribas in exchange for €STR plus a spread. That introduces single-name bank counterparty risk (mitigated, per Spiko, by daily reset of the TRS and full collateralisation) and equity settlement/operational risk that a pure govvie fund does not have. It yields ~30bp more than EUTBL for exactly that reason. Distribution is extremely concentrated on Stellar (~$766m of ~$994m per DefiLlama). Yield and AUM figures here come from aggregators, Spiko's own pages render these values client-side and I could not read them.

Sources

Other EUR instruments

Instrument	Ccy	Type	Yield	Size	Access	Confidence
Spiko EU T-Bills Money Market Fund EUTBL	EUR	tokenized money market fund	2.21%	$898.50M	allowlist + KYC	verified
EURC deposit on Aave V3 (Ethereum) aEthEURC	EUR	lending deposit	3.46%	$40.30M	permissionless	unverified
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EURC deposit on Aave V3 (Base) aBasEURC	EUR	lending deposit	2.51%	$8.99M	permissionless	unverified
OpenTrade EURC Money Market Fund Vault (Fidelity V4) / Flexible Term EURC Vault XEVT	EUR	tokenized money market fund	1.73%	$2.69M	allowlist + KYC	verified
Moonwell Flagship EURC (Morpho Vault) mwEURC	EUR	lending deposit	not published	$1.09M	permissionless	verified
Etherfuse EUROB Stablebond EUROB	EUR	tokenized government debt	1.92%	$399	not established	verified
OpenTrade EURC Collateralised Loan Obligations Vault XECLO	EUR	other	not published	$0	allowlist + KYC	verified
AMUNDI FUNDS CASH EUR - J28 EUR DLT (C) J28 EUR DLT (C)	EUR	tokenized money market fund	not published	n/d	not established	verified
BlackRock ICS Euro Government Liquidity Fund OnChain	EUR	tokenized money market fund	not published	n/d	allowlist + KYC	unverified
BlackRock ICS Euro Liquidity Fund OnChain	EUR	tokenized money market fund	not published	n/d	allowlist + KYC	unverified
Angle Staked EURA (formerly Staked agEUR) stEUR	EUR	yield-bearing stablecoin	not published	n/d	permissionless	verified