EUR / tokenized money market fund

EUTBL · issued by Spiko Finance (SPIKO SICAV, sub-fund; Amundi/CACEIS ecosystem; depositary CACEIS Bank, a Crédit Agricole subsidiary). verified

The terms

Issuer

Spiko Finance (SPIKO SICAV, sub-fund; Amundi/CACEIS ecosystem; depositary CACEIS Bank, a Crédit Agricole subsidiary)

Jurisdiction

France (French SICAV, UCITS, authorised by the AMF)

Chains

Ethereum, Arbitrum One, Polygon PoS, Base, Starknet, Etherlink, Stellar

Contracts

Arbitrum One 0xcbeb19549054cc0a6257a77736fc78c367216ce7 explorer

Ethereum 0xa0769f7A8fC65e47dE93797b4e21C073c117Fc80 explorer

Yield basis

7-day APY, net of fees (30-day APY 2.32%). Spiko's own site states 'yield net of fees, calculated daily based on the last 31 days' but renders the live number only in JavaScript, so the number itself is from RWA.xyz, not the issuer. source

Size

$898.50M source

Minimum

CONFLICTING. The SPIKO SICAV prospectus filed with the Bulgarian FSC states a minimum initial subscription of 1 currency unit (EUR 1) with no subsequent minimum; Spiko's own product page also says EUR 1. RWA.xyz and Pharos both state EUR 1,000. Prospectus (regulatory filing) is treated as authoritative here.

Who may hold it

KYC/AML-verified investors whose wallet address has been Allowlisted by Spiko. Open to individuals and companies. US Persons are explicitly excluded: shares 'may not be offered or sold ... to a US Person' under SEC Regulation S. source

Redemption

Daily subscription and redemption at NAV, contractually guaranteed by the prospectus. Orders received before 11:30 a.m. Paris time are executed on the next NAV; EU T-Bills sub-fund settles T+0. Orders after cut-off roll to the following business day. Proceeds are paid by the depositary bank (CACEIS) to the investor's bank account. Secondary on-chain transfers are treated as a redemption plus a simultaneous subscription. source

Cost to enter

Management fee 0.30% p.a. (incl. tax) plus operating expenses capped at 0.10% p.a. per the prospectus; Spiko's marketing page states 0.25% annual costs, these disagree. No subscription or redemption fee. Investor bears DLT transaction (gas) fees. KYC onboarding and wallet allowlisting required before any subscription.

Transferability

Permissioned. Transfers only between allowlisted wallets.

Secondary liquidity

$3.69M. DefiLlama reports 'DeFi Active TVL' of $3.69m for EUTBL (Spiko has integrated Morpho with SG Forge to provide instant liquidity against fund shares). This is a third-party figure; I could not confirm it at Spiko or on-chain.

What we think you should know

Sources

• https://www.spiko.io/spiko-treasury-bills-euro
• https://www.fsc.bg/wp-content/uploads/2026/03/3-spiko-sicav-prospectus-ven-03.03.2026-add.pdf
• https://tech.spiko.io/posts/spiko-smart-contracts/
• https://www.spiko.io/blog/spiko-chainlink-ccip
• https://arbiscan.io/token/0xcbeb19549054cc0a6257a77736fc78c367216ce7
• https://app.rwa.xyz/assets/EUTBL
• https://defillama.com/rwa/asset/EUTBL
• https://pharos.watch/stablecoin/eutbl-spiko/

Other EUR instruments