Key Takeaways
- • Spiko announced on October 29, 2026 that its Spiko Amundi Overnight Swap Fund (SAFO) has become the world's largest tokenized fund by assets under management, holding $2.38 billion as of October 23, 2026.
- • SAFO passed BlackRock's BUIDL ($2.17 billion) on October 19 and Circle's USYC ($2.37 billion) on October 27, seven months after its March 2026 launch with Amundi.
- • At the same age, BUIDL held $551 million and USYC held $102 million, according to Spiko's comparison based on rwa.xyz data.
- • SAFO has grown assets roughly 30% a month over the last three months, with 31 consecutive weeks of growth and more than 10,000 investors.
- • Amundi manages the portfolio as delegated investment manager, and the fund targets the overnight rate plus a spread through total return swaps with banking counterparties.
Summary
Spiko, the tokenized cash fund issuer, announced on October 29, 2026 that the Spiko Amundi Overnight Swap Fund (SAFO), marketed as Smart Cash, has become the largest tokenized fund by assets under management. According to the company, SAFO held $2.38 billion on October 23, 2026, ahead of Circle's USYC at $2.37 billion and BlackRock's BUIDL at $2.17 billion. SAFO passed BUIDL on October 19 and USYC on October 27, exactly seven months after its launch in March 2026. Spiko said that at the same age, BUIDL held $551 million and USYC held $102 million. These figures and wallet counts were sourced by Spiko from rwa.xyz.
SAFO is a sub-fund of SPIKO SICAV, a UCITS fund authorized by the AMF. Amundi Asset Management is its delegated investment manager and CACEIS Bank is its depositary. The fund aims to deliver the overnight rate plus a spread, earned by holding a securities portfolio and exchanging its performance with banking counterparties through total return swaps. Shares are offered in euros, US dollars, pounds sterling and Swiss francs. Spiko reports more than 10,000 investors and 13,000 wallets holding SAFO, with more than 5,000 businesses holding nearly 90% of the fund and nearly 300 companies each holding over $1 million.
Flows are a central part of Spiko's pitch. Since launch, investors have subscribed $3.47 billion, including $0.93 billion switched from other Spiko funds, and redeemed $1.05 billion, across more than 68,000 mints and burns. Euro holders can withdraw up to €500,000 per day instantly, and the company reports more than 10,000 instant withdrawals with a median payment time of 38 seconds. Spiko says assets have grown every week for 31 consecutive weeks.
According to the release, more than two thirds of SAFO, or $1.65 billion, is recorded on the Stellar network, and SAFO is also issued on Ethereum, Arbitrum, Base, Polygon, Solana, Starknet and Etherlink. Its net asset value is published onchain via Chainlink, and since July 2026 holders have been able to post SAFO shares as collateral on Morpho to borrow EURCV. Spiko, co-headquartered in London and Paris and founded in 2023, reports $3.1 billion across all its funds and has raised $120 million from investors including NEA, Index Ventures and Revolut's Nik Storonsky. The release is a marketing communication and refers readers to the SAFO prospectus and key information document before any investment decision.
SAFO is a sub-fund of SPIKO SICAV, a UCITS fund authorized by the AMF. Amundi Asset Management is its delegated investment manager and CACEIS Bank is its depositary. The fund aims to deliver the overnight rate plus a spread, earned by holding a securities portfolio and exchanging its performance with banking counterparties through total return swaps. Shares are offered in euros, US dollars, pounds sterling and Swiss francs. Spiko reports more than 10,000 investors and 13,000 wallets holding SAFO, with more than 5,000 businesses holding nearly 90% of the fund and nearly 300 companies each holding over $1 million.
Flows are a central part of Spiko's pitch. Since launch, investors have subscribed $3.47 billion, including $0.93 billion switched from other Spiko funds, and redeemed $1.05 billion, across more than 68,000 mints and burns. Euro holders can withdraw up to €500,000 per day instantly, and the company reports more than 10,000 instant withdrawals with a median payment time of 38 seconds. Spiko says assets have grown every week for 31 consecutive weeks.
According to the release, more than two thirds of SAFO, or $1.65 billion, is recorded on the Stellar network, and SAFO is also issued on Ethereum, Arbitrum, Base, Polygon, Solana, Starknet and Etherlink. Its net asset value is published onchain via Chainlink, and since July 2026 holders have been able to post SAFO shares as collateral on Morpho to borrow EURCV. Spiko, co-headquartered in London and Paris and founded in 2023, reports $3.1 billion across all its funds and has raised $120 million from investors including NEA, Index Ventures and Revolut's Nik Storonsky. The release is a marketing communication and refers readers to the SAFO prospectus and key information document before any investment decision.
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