Spiko Amundi Overnight Swap Fund (EUR)

Spiko Amundi Overnight Swap Fund (EUR), represented by the token EURSAFO, is a tokenized UCITS fund created jointly by Spiko and Amundi that allows anyone to hold a digital token representing a share in a regulated European money-market-style fund denominated in euros. It is designed for investors who want access to short-term euro interest-rate returns through a blockchain-based instrument, with a minimum subscription of 1 EUR. The fund addresses the friction of accessing regulated, institutional-grade fixed-income products by placing the shareholder register on public blockchains.

The fund generates returns above the euro short-term rate benchmark by using fully collateralized total return swaps with banks, starting with BNP Paribas, while keeping the underlying assets available for redemption on an overnight basis. Each EURSAFO token represents a share in the fund, and the shareholder register is recorded on Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, and Stellar, meaning token ownership is the legal record of fund shareholding. Chainlink provides on-chain net asset value oracle feeds, CACEIS acts as depositary bank, and the fund operates under supervision of the French financial regulator, the AMF.

The data provided does not include a fee stream denominated in protocol revenue, so the standard fee-based measures tracked on this site are not applicable here. The fund's economics flow through the difference between the returns generated by its swap strategy relative to the euro short-term rate benchmark, which accrues to shareholders as yield rather than being captured by a protocol treasury. The token price of 1.13 USD with a circulating supply of 1,457,122,610.49 tokens gives a market capitalization of approximately 1,644,338,852 USD, and because there is no maximum supply defined, the fund can issue new shares as subscriptions arrive, reflected in the dilution overhang of 0.0 percent and supply issued of 100.0 percent at this point in time.