Spiko is a French fintech platform that uses public blockchains to issue and record shares of regulated money market funds. Its main products are the Spiko EU T-Bills Money Market Fund and the Spiko US T-Bills Money Market Fund, which invest in short-term government securities from eurozone countries and the United States, respectively. Unlike synthetic RWA tokens, EUTBL and USTBL represent tokenized shares of regulated UCITS funds, with their ownership records maintained directly on blockchain infrastructure. By 2026, Spiko had evolved from an experimental tokenization project into liquidity management infrastructure with more than $1 billion in assets under management.
Contents
- What Is Spiko and How Does T-Bill Tokenization Work?
- EUTBL and USTBL: Structure of the Project's Tokenized Funds
- Ethereum, Arbitrum, and Spiko's Blockchain Infrastructure
- Regulation, Liquidity, and Risks of Tokenized T-Bills
- Spiko's Development and the Future of On-Chain Money Market Funds
1. What Is Spiko and How Does T-Bill Tokenization Work?
Spiko was founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon. The company was created as infrastructure for issuing, managing, and distributing tokenized financial instruments. Its first practical focus was money market funds, enabling short-term government securities to be integrated into digital financial infrastructure.
In 2024, Spiko launched two funds: the Spiko EU T-Bills Money Market Fund and the Spiko US T-Bills Money Market Fund. They operate under the European UCITS framework and received approval from the French financial regulator, the AMF. A distinctive feature of the model is that fund shares are natively represented as tokens on public blockchains, with the distributed ledger forming part of the official ownership-record infrastructure.
The underlying economic model remains traditional. Investors' funds are allocated to portfolios of short-term government securities and related money market instruments. Returns are generated by the underlying assets rather than through the issuance of a separate cryptocurrency reward token. The value of each fund share gradually reflects the accumulated performance of the portfolio.
Spiko is therefore better understood as a tokenized infrastructure layer for regulated funds rather than a DeFi protocol offering synthetic exposure to government bonds. Blockchain technology modernizes ownership records, settlement, and share transfers, while portfolio management, depositary services, and financial product requirements remain part of the regulated financial infrastructure.
2. EUTBL and USTBL: Structure of the Project's Tokenized Funds
EUTBL represents shares in the European money market fund. Its portfolio focuses on short-term government securities issued by highly rated eurozone countries. In 2025, Bpifrance invested part of its own cash reserves in Spiko's euro-denominated fund, which at the time was backed by French Treasury bills. This became one example of a tokenized fund being used by an institutional organization.
USTBL serves a similar function for U.S. dollar liquidity. Its portfolio primarily invests in U.S. Treasury bills with maturities of less than six months and may also use reverse repurchase agreements collateralized by U.S. government securities. A limited cash position may be maintained for liquidity management. As a short-term money market fund, the product must also comply with restrictions governing the average maturity of its portfolio.
| Component | Type | Role in Spiko's Infrastructure |
|---|---|---|
| EUTBL | Tokenized Fund Share | Provides exposure to short-term eurozone government securities |
| USTBL | Tokenized Fund Share | Provides exposure to a portfolio of short-term U.S. Treasury bills |
| Twenty First Capital | Asset Management Company | Provides regulated management of Spiko's funds |
| CACEIS | Depositary and Custodian | Provides fund servicing and custody infrastructure for tokenized shares |
| Public Blockchain | Distributed Ledger | Used for the issuance, recording, and transfer of tokenized fund shares |
| Spiko API | Integration Infrastructure | Allows fintech companies to integrate Spiko products into their own services |
Twenty First Capital serves as the funds' management company, while CACEIS, part of the Crédit Agricole Group, acts as depositary and custodian. PwC was appointed as the statutory auditor. Ownership of fund shares is therefore recorded using blockchain infrastructure, while the underlying government securities continue to be serviced through the traditional institutional financial system.
The minimum investment at launch was one euro or one dollar, depending on the fund. Spiko also provides an API that allows banks, fintech services, and corporate platforms to integrate the funds into their own products. This model positions tokenization not only as a tool for crypto users but also as a technology backend for corporate cash and liquidity management.
3. Ethereum, Arbitrum, and Spiko's Blockchain Infrastructure
Spiko's fund shares were initially issued natively on the public Ethereum network. In 2024, CACEIS reported recording client subscriptions worth tens of millions of euros into tokenized funds directly through Ethereum. Investors can use custodial infrastructure or, subject to the applicable requirements, hold tokenized fund shares in compatible wallets.
In January 2025, EUTBL and USTBL were natively deployed on Arbitrum One. The move toward a multichain model allows regulated fund shares to operate in an environment with lower transaction costs while expanding their potential compatibility with on-chain financial applications. Spiko products subsequently became available across additional blockchain ecosystems.
Spiko's smart contracts are based on the ERC-20 standard with additional logic required for regulated financial securities. The transparency of public blockchains makes it possible to verify token issuance and transfers, but transferability does not eliminate compliance restrictions. Wallet addresses and transactions must continue to meet the requirements applicable to the specific financial product.
To expand its cross-chain infrastructure, Spiko selected Chainlink CCIP, while Chainlink SmartData is used to deliver up-to-date net asset value information. This architecture combines traditional NAV calculation with programmable blockchain infrastructure. As a result, a regulated fund share can potentially operate across multiple compatible networks without requiring the creation of a separate synthetic asset.
4. Regulation, Liquidity, and Risks of Tokenized T-Bills
A key difference between Spiko and most permissionless RWA protocols lies in the legal nature of EUTBL and USTBL. They are shares of regulated money market funds rather than cryptocurrency tokens that simply track bond prices. The funds comply with the European UCITS framework and operate under the supervision of France's Autorité des marchés financiers.
Blockchain infrastructure makes it possible to transfer tokenized shares outside the standard operating hours of traditional banking systems, but the liquidity of the underlying portfolio still depends on conventional financial markets. Investors must also consider interest-rate risk: when rates decline, yields on newly issued short-term government securities fall, gradually affecting the returns generated by the money market fund.
Key Features of Spiko:
- regulated UCITS money market funds;
- EUTBL for exposure to short-term eurozone government securities;
- USTBL for exposure to U.S. Treasury bills;
- native tokenization of fund shares on public blockchains;
- supervision by the French AMF;
- Twenty First Capital as the asset management company;
- CACEIS as depositary and custodian;
- support for self-custody in compatible scenarios;
- API infrastructure for fintech and corporate integrations;
- multichain infrastructure and integration with DeFi protocols.
One emerging use case involves using tokenized fund shares as on-chain collateral. In 2025, Spiko integrated EUTBL and USTBL with Morpho in collaboration with SG Forge. Under this model, tokenized fund shares can serve as collateral for borrowing the regulated EURCV and USDCV stablecoins. This gives fund shares an additional financial function without requiring investors to sell their underlying positions.
Such operations also introduce additional risks. Beyond the market and operational risks of the fund itself, using tokens in DeFi creates exposure to smart contract vulnerabilities, collateral liquidations, and the infrastructure of individual protocols. Tokenization also does not make government securities completely risk-free: interest-rate, counterparty, technological, and regulatory risks remain relevant.
5. Spiko's Development and the Future of On-Chain Money Market Funds
Following its 2024 launch, Spiko rapidly increased its assets under management. In April 2025, the company reported more than €220 million under management and approximately 700 corporate clients. By July, assets had reached around $400 million, after which Spiko raised $22 million in a Series A round led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance.
In February 2026, the company announced that it had surpassed $1 billion in assets under management approximately 18 months after launching its tokenized money market funds. The growth indicated demand not only from Web3 users but also from companies, financial institutions, and services seeking programmable access to short-term liquidity management instruments.
An increasingly important direction is the use of tokenized funds as financial infrastructure rather than solely as investment products. The API allows them to be embedded into corporate applications, blockchain infrastructure enables programmable transfers, and DeFi integrations allow EUTBL and USTBL to function as collateral. This gradually brings regulated money market funds closer to stablecoin and on-chain lending infrastructure while preserving the differences in their legal structure.
Spiko represents a European RWA model in which tokenization is integrated directly into a regulated fund structure. EUTBL and USTBL connect public blockchains with real short-term government securities, while institutional infrastructure handles the management and custody of the underlying assets. The project's future development will depend on interest rates, European regulation, institutional demand, and the ability of tokenized funds to function as liquid, programmable assets across both traditional and on-chain finance.
