Spiko Amundi Overnight Swap Fund (EUR)

EURSAFO is the euro-denominated share class of the Spiko Amundi Overnight Swap Fund, a tokenized UCITS vehicle that brings a regulated money-market product on-chain. The fund is a joint initiative between Spiko, a tokenization specialist, and Amundi, Europe's largest asset manager, and it is supervised by the French Autorité des Marchés Financiers.

The fund aims to generate stable yields above the €STR benchmark by employing fully collateralized total return swaps with top-tier banking counterparties, starting with BNP Paribas. Investors can subscribe with as little as 1 EUR, and the shareholder register is maintained across seven blockchain networks, giving the product a broad on-chain footprint.

CACEIS, part of the Crédit Agricole group, serves as depositary bank, while PwC acts as auditor. Chainlink provides on-chain NAV oracle feeds, creating a stack where traditional fund oversight meets decentralized infrastructure.

EURSAFO functions as a conventional UCITS money-market fund with a tokenized share register. Investors subscribe by acquiring tokens on any of the supported networks: Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, or Stellar. Each token represents a share in the fund, and the register of shareholders lives natively on these chains.

The fund generates yield by entering into fully collateralized total return swaps with selected banking counterparties. These swaps reference overnight rates and are structured to deliver returns above the €STR benchmark. Collateralization mitigates counterparty risk, though exposure to the swap providers remains a structural feature of the product.

Chainlink oracle feeds supply on-chain NAV data, enabling transparent pricing and redemption. The fund maintains overnight liquidity, meaning investors can redeem at short notice, a characteristic inherited from its UCITS structure and money-market mandate.

EURSAFO has a circulating supply and total supply of 886,384,813 tokens, with no fixed maximum supply cap. The fund can issue additional shares as new capital flows in, consistent with open-ended fund structures where supply expands and contracts with investor demand.

There is no token allocation breakdown, vesting schedule, or governance token associated with the product. The economic value of holding EURSAFO derives from the yield accruing to the fund's portfolio of swap contracts, not from speculative supply dynamics or staking incentives.

Because the fund is a regulated UCITS, share issuance and redemption follow the fund's prospectus and are subject to French AMF oversight, rather than being governed by a decentralized protocol or DAO vote.

EURSAFO occupies a narrow but defensible niche: a fully regulated, institutional-grade EUR yield product that settles on-chain. Most on-chain yield alternatives either operate outside traditional fund regulation or are denominated in USD, leaving a gap for compliant euro-denominated products.

The partnership with Amundi gives EURSAFO a distribution and brand advantage that pure crypto-native projects cannot easily replicate. Combined with multi-chain availability and a 1 EUR entry point, the product can serve both DeFi treasuries seeking regulated EUR exposure and traditional investors experimenting with on-chain settlement.

"Amundi's involvement as Europe's largest asset manager brings significant institutional credibility and operational scale to the product."

The main trade-off is counterparty concentration. The fund's yield engine relies on swap agreements with a small set of banks, which contrasts with decentralized lending protocols that spread risk across many borrowers. For investors who prioritize regulatory protection over decentralization, this trade-off may be acceptable; for others, it represents a meaningful constraint.