What Is Spiko Amundi Overnight Swap Fund (EUR)?
Spiko Amundi Overnight Swap Fund (EUR), traded on-chain as EURSAFO, is the euro share class of a tokenized money market fund co-created by the fintech Spiko and Amundi, Europe's largest asset manager. Legally it is a UCITS-authorized sub-fund of the French SPIKO SICAV, with Amundi Asset Management acting as delegated asset manager, CACEIS as depositary and administrator, and PwC as auditor. What makes it a crypto asset at all is the wrapper: each share is minted as a token whose net asset value is published on-chain, giving holders a regulated cash-equivalent instrument they can transfer around the clock. To put Spiko Amundi Overnight Swap Fund (EUR) explained plainly, it is a traditional overnight fund with a blockchain distribution layer bolted on.
How the Technology and Yield Work
EURSAFO is not a blockchain and has no consensus of its own. It is issued as a token across Ethereum, Polygon, Arbitrum, Base, Etherlink, Stellar, Starknet, and Solana, inheriting each network's security, with Chainlink publishing the fund's NAV on-chain so smart contracts and holders read the same price. The yield engine is what separates it from Spiko's plain T-bill funds: rather than holding bills directly, the fund earns a return above the euro short-term rate (€STR) through fully collateralized total return swaps with Tier 1 bank counterparties, all G-SIBs rated A- or above. BNP Paribas is the first counterparty, posting a basket of US equities as collateral on which the bank retains the market return while paying the fund an overnight rate.
Primary Use Cases
EURSAFO is designed as treasury plumbing for corporates and financial institutions, not as a speculative trade. Its core jobs include:
- Parking idle corporate cash in a euro instrument that accrues €STR-plus yield daily
- On-chain collateral for lending, market-making, and settlement where a stable, interest-bearing asset beats a static stablecoin
- 24/7 transfer and instant settlement of euro-denominated value across supported chains
- A programmable cash leg for tokenized finance workflows that need a regulated, redeemable fund share
Investors can subscribe and redeem daily from as little as 1 EUR, and sister share classes exist in USD, GBP, and CHF for multi-currency treasuries.
Tokenomics and Supply
There is no fixed supply or emission schedule. EURSAFO is mint-on-demand: tokens are created when investors subscribe and burned on redemption, so the circulating amount simply tracks assets under management. Returns come from the swap-based yield rather than price appreciation, and value accrues through a rising NAV. Costs are modest for the sector: an administration fee of roughly 5 basis points charged by CACEIS and a total expense ratio near 25 basis points per year. As of mid-2026 the fund held around 675 million dollars in assets, up more than 50% in a month, spread across roughly 6,100 holders.
Ecosystem and Adoption
Launched on 19 March 2026, Spiko Amundi Overnight Swap Fund (EUR) grew quickly, with its holder count more than doubling in its first months and a recent expansion onto Solana widening its reach. Its credibility rests on the names behind it, Amundi managing the strategy and CACEIS handling custody, which lowers the counterparty questions that dog many on-chain funds. The trade-off is access: the fund is open to non-US investors only, and its multi-chain issuance, while broad, still concentrates most activity on a handful of networks. At a roughly #89 market-cap ranking it remains a niche instrument next to major stablecoins.
Investment Thesis and Risks
The case for EURSAFO is a regulated, near-cash euro yield made composable on-chain, backed by a top-tier asset manager and bank counterparties. The counterpoint is that this is a money market product, not a growth asset: yields track €STR and drift with ECB policy, so returns are modest and can fall sharply if the central bank cuts. Risks include swap counterparty and collateral exposure to the banks on the other side, smart-contract and bridge risk across many chains, dependence on Chainlink's NAV feed, regulatory shifts in UCITS and tokenized-securities rules, and redemption liquidity under stress. A fund like this aims for low volatility, but that stability is only as firm as its swap counterparties and redemption path, and secondary-market prices can still deviate. This is editorial analysis, not financial advice; do your own research and assess your own risk tolerance.