Amundi Launches Tokenized Fund on Ethereum and Stellar

TLDR

• Amundi has launched the Spiko Amundi Overnight Swap Fund with $100 million in committed assets under management.
• The fund operates as a sub-fund of SPIKO SICAV under French law and targets institutional treasury use.
• SAFO issues shares on Ethereum and Stellar to enable onchain transfers and settlement.
• The structure uses fully collateralized total return swaps with top-tier banks to generate yield.
• Chainlink publishes the fund’s net asset value onchain to support transparency.

Amundi has launched a new onchain investment vehicle for institutional cash management. The €2.3 trillion asset manager introduced the Spiko Amundi Overnight Swap Fund, known as SAFO. The product operates on Ethereum and Stellar and starts with $100 million in committed assets.

Amundi Introduces Tokenized Fund for Treasury Operations

Amundi structured SAFO as a sub-fund of SPIKO SICAV under French law. The firm designed the vehicle as a cash equivalent instrument for corporates and financial institutions. It offers around-the-clock transferability and near instant settlement.

SAFO uses fully collateralized total return swaps with top-tier banks. The structure targets yields above risk-free benchmarks while maintaining overnight liquidity. Amundi serves as delegated investment manager, while CACEIS acts as depositary bank and fund administrator.

Spiko manages transfer agency, tokenization infrastructure, and brokerage for fund shares. Shares are issued on Ethereum and Stellar blockchains. Chainlink publishes the fund’s net asset value onchain for transparency.

The fund supports euro, US dollar, pound sterling, and Swiss franc denominations. Subscriptions and redemptions start from one unit of each currency. The structure allows flexible custody and direct API and smart contract access.

SAFO Expands Amundi’s Digital Asset Strategy

Amundi expanded its digital asset operations with this launch. In December 2025, it introduced a tokenized share class for Amundi Funds Cash EUR. That earlier product also used Ethereum in partnership with CACEIS.

SAFO broadens the firm’s product range beyond traditional money market formats. The fund integrates tokenization directly into treasury and collateral workflows. It enables borderless transfers and programmable settlement features.

Spiko strengthened its position in Europe’s tokenized fund market through this collaboration. In February, the company reported $1.03 billion in assets under management. It also stated that more than 3,300 clients use its products.

Spiko said over 92% of its assets come from business users. The company stated that only BlackRock’s BUIDL and Circle’s USYC were larger at that time. “We have surpassed $1.03 billion in assets under management,” Spiko said in February.

Amundi manages more than €2.3 trillion in client assets across its global operations. The firm positions SAFO as infrastructure for institutional cash and collateral mobility. The launch follows its ongoing integration of blockchain-based fund structures.

The product records fund shares directly on public blockchains. Chainlink distributes the net asset value data onchain for market access. The fund begins operations with $100 million in committed assets under management.