Spiko Brings SAFO, Europe's Largest Tokenized Money Market Fund, to Solana

Spiko went live on Solana on July 2, 2026 with SAFO, the Spiko Amundi Overnight Swap Fund: a UCITS-compliant money market fund managed by Amundi, Europe's largest asset manager by assets under management. The launch makes Solana the eighth blockchain SAFO operates on and marks Spiko as the first European real-world asset issuer to deploy on the network.

What SAFO Is, and Why Amundi's Name Matters

Amundi manages €2.4 trillion in assets across institutional and retail mandates globally, per the official launch announcement on Amundi's media site. That scale puts it among the largest asset managers in the world by AuM (ahead of firms including BlackRock on a gross AuM comparison in European markets). When Amundi acts as delegated investment manager for a tokenized vehicle, the product arrives with institutional backing that the vast majority of on-chain funds cannot claim.

The fund's structure keeps that institutional backbone intact. Total return swaps with BNP Paribas as the Tier 1 banking counterparty provide the yield mechanics, delivering returns above risk-free benchmarks with overnight liquidity. CACEIS, a custody subsidiary of Crédit Agricole, serves as depositary bank and fund administrator. Spiko itself holds ACPR license no. 19183 and operates as a MiFID-authorized investment firm under French regulation. Legally, SAFO is a tokenized sub-fund of SPIKO SICAV, a French-law investment company.

"SAFO provides professional investors with fast and transparent access to cash management solutions," Jean-Jacques Barbéris, Amundi's Head of Institutional and Corporate Clients, said at the fund's March 2026 launch.

What UCITS Means for an On-Chain Fund

UCITS (Undertakings for Collective Investment in Transferable Securities) is the EU's mutual fund framework. A fund with UCITS status meets specific investment limits, liquidity requirements (daily dealing is the standard), risk management rules, and investor protection thresholds set under EU directives. Crucially, it comes with a passport: a UCITS fund regulated in one EU member state can be distributed across all 27 without additional national registration.

Bringing that regulatory wrapper on-chain changes who can access a tokenized yield instrument without stepping outside their existing compliance infrastructure. Institutional investors and professional clients across the EU are not subscribing to a DeFi protocol. They are subscribing to a regulated sub-fund, with their positions recorded on a public blockchain rather than in a custodian's internal ledger. The settlement layer changes; the legal wrapper does not.

Subscriptions and redemptions on Solana settle in USDC, and Chainlink infrastructure records the fund's net asset value on-chain, making pricing transparent and verifiable continuously rather than published once daily by the administrator. SAFO is available in four currencies (EUR, USD, GBP, CHF) with a minimum subscription of one unit per currency class.

The Eighth Chain, and the Reasoning Behind Solana

SAFO previously deployed on Ethereum, Polygon, Arbitrum, Base, Starknet, Stellar, and Etherlink. Solana is the eighth chain. The case for adding it centers on settlement speed and DeFi depth. SAFO deals daily by design: investors expect overnight returns with next-day redemption. A chain where transaction finality takes milliseconds and where transaction costs do not add friction to small-denomination redemptions is a practical requirement, not an architectural preference.

The Solana selection reflects the throughput and low-cost execution a daily-dealing fund requires, alongside the depth of Solana's DeFi ecosystem for putting fund shares to work. That second point is material. SAFO shares on Solana are designed to function as collateral in lending protocols and other on-chain applications, not just as passively held yield instruments. A holder can post SAFO shares to a lending market without exiting the position, combining regulated yield with composable DeFi utility.

That combination does not exist at the same scale on permissioned chains, where DeFi liquidity is absent, or on Ethereum at current fee levels, where the gas cost of frequent small redemptions erodes returns for smaller institutional allocations.

How SAFO Fits the Broader Tokenized MMF Market

The market for tokenized money market funds has moved quickly. The European Central Bank's April 2026 Macroprudential Bulletin put total TMMF market capitalization at roughly €41 billion as of early February 2026, a 110% gain through 2025. BlackRock's BUIDL fund, managed through Securitize, operates as the sector's benchmark for USD-denominated tokenized Treasuries. SAFO operates on a different axis: EU-domiciled, UCITS-governed, and built for the European institutional distribution context that Amundi's existing network covers. Spiko's total AuM across all its cash management products recently crossed $1 billion, per figures on spiko.io.

The fund's operational scale reflects real institutional use: roughly 500 deposit and redemption operations daily across 10,000 active users, per Yahoo Finance's coverage of the launch.

A Pattern of European Regulated Funds Choosing Solana

Spiko's Solana launch follows a cluster of European regulated fund issuers reaching the same conclusion. Ten days earlier, Baillie Gifford introduced BAGEY, the first UK-FCA-regulated natively tokenized bond fund, on Solana. As we covered on June 23, that fund settled in USDC with BNY providing custody. Earlier the same week, Allfunds Blockchain announced Project Harmonia to bring tokenized fund distribution infrastructure to Solana, connecting €1.8 trillion in assets under administration across 3,300 asset managers and 66 countries to the network.

The common factor across these moves is not marketing preference. It is the combination of settlement speed, transaction economics, and the DeFi ecosystem that European fund managers increasingly treat as a functional requirement rather than a novelty. As of June 19, Solana led all blockchains by RWA holder count with 285,971 unique wallets holding on-chain real-world assets, per RWA.xyz. Solana's total RWA market value reached $3.4 billion on July 2, per RWA.xyz, up from $2.8 billion in May.

SAFO adds a new data point to that count: the first regulated European money market fund on Solana, backed by the continent's largest asset manager, accessible to institutional investors through a compliance framework they already know.