Spiko says its tokenized fund leads market as assets reach $2.39 billion
European tokenized money market funds are gaining scale as institutional demand for blockchain-based cash management products expands. Spiko says its flagship Spiko Amundi Overnight Swap Fund held $2.39 billion in assets under management at the end of October, putting it ahead of rival products from Circle and BlackRock.
Highlights
- Spiko's flagship SAFO tokenized fund reached $2.39 billion in assets, surpassing Circle's USYC, Hashnote's fund, and BlackRock's BUIDL.
- Spiko reports 30% monthly asset growth and 18% investor base expansion over the past three months, now exceeding 10,000 investors, after raising $90 million in October at an $800 million valuation.
- Spiko plans European expansion with a new London office and targets potential 2025 U.S. market entry, leveraging the $8 trillion U.S. money market industry.
Fund growth and fundraising momentum
As reported by CoinDesk, citing Spiko on its website, the French fintech says it now hosts the world's largest tokenized fund by assets under management, with its flagship SAFO vehicle reaching $2.39 billion as of late last month. The company says that total placed it ahead of Circle's USYC, the Hashnote International Short Duration Yield Fund Ltd, and BlackRock's BUIDL, which both hold more than $2 billion in assets.Over the last three months, Spiko says its assets, particularly in the Spiko Amundi Overnight Swap Fund, have been growing by about 30% a month, while its investor base has expanded by about 18% a month to more than 10,000 legal entities and individuals. The company also raised $90 million in October at a valuation of about $800 million.
Spiko offers blockchain-based money market funds under the European Union's UCITS regulatory framework. Its flagship tokenized cash fund launched seven months ago in partnership with BNP Paribas and Amundi.
European expansion and competitive positioning
Tokenized cash equivalents such as highly liquid Treasury bills are becoming a core segment of institutional crypto markets, with large asset managers pushing further into blockchain-based fund structures. Spiko co-founder Paul-Adrien Hyppolite says the company's French roots may partly explain why it has received less attention than some U.S.-linked peers.Hyppolite says Europe presents a significant opening for tokenized money market funds as the market develops. He also points to the scale of the U.S. money market industry, which he says holds about $8 trillion, roughly 40% of cash kept in bank deposits, as Spiko prepares to expand beyond France with a London office underway and a potential U.S. market entry planned for next year.
We have previously detailed Europe policy debate over balancing inflation control, debt burdens, and long-term investment needs.
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