Key Takeaways
- • Spiko said its flagship Spiko Amundi Overnight Swap Fund (SAFO) held $2.39 billion in assets under management as of late October 2026, making it the largest tokenized fund globally by its account.
- • Spiko reported it overtook Circle's USYC (Hashnote International Short Duration Yield Fund) and BlackRock's BUIDL, both of which hold over $2 billion in AUM, as of end-October.
- • The French fintech raised $90 million in October at a valuation of around $800 million, according to the company.
- • SAFO's assets have grown about 30% monthly and its investor base about 18% monthly over the last three months, to more than 10,000 legal entities and individuals.
- • Spiko is expanding beyond France, with a London office underway, SAFO registered with the U.K. Financial Conduct Authority, and a potential U.S. expansion targeted for next year.
Summary
Spiko, a French fintech platform co-founded in June 2023 by CEO Paul-Adrien Hyppolite, says it now hosts the largest tokenized fund in the world. The Spiko Amundi Overnight Swap Fund (SAFO) held $2.39 billion in assets under management as of late October, according to the company's website post. Spiko said it surpassed Circle's USYC and BlackRock's BUIDL, both of which hold more than $2 billion in AUM.
Spiko offers blockchain-based money market funds under the European Union's UCITS framework. The SAFO fund debuted seven months ago in conjunction with BNP Paribas and Amundi. Over the last three months, the firm's assets have grown roughly 30% a month, and its investor base has grown about 18% a month to more than 10,000 legal entities and individuals. The company also raised $90 million in October at a valuation of around $800 million.
Hyppolite, who previously served as deputy head of the financial markets division at the French Treasury, attributed the firm's low profile to its French origins and its startup status without a track record or brand name. He said the company is building that recognition.
Hyppolite argued Europe offers a large opportunity for tokenized money market funds, where such products hold a tiny fraction of assets compared with bank deposits. He cited the U.S., which has around $8 trillion in money market funds, about 40% of the roughly $16 trillion to $18 trillion held in bank deposits. He said he expects the gap to narrow.
Spiko is diversifying geographically. London is now its main office alongside Paris, and SAFO is registered with the U.K. Financial Conduct Authority. Hyppolite said the company is looking at the U.S. market, adding that nothing has been decided yet but that the firm aims to potentially expand there next year.
Spiko offers blockchain-based money market funds under the European Union's UCITS framework. The SAFO fund debuted seven months ago in conjunction with BNP Paribas and Amundi. Over the last three months, the firm's assets have grown roughly 30% a month, and its investor base has grown about 18% a month to more than 10,000 legal entities and individuals. The company also raised $90 million in October at a valuation of around $800 million.
Hyppolite, who previously served as deputy head of the financial markets division at the French Treasury, attributed the firm's low profile to its French origins and its startup status without a track record or brand name. He said the company is building that recognition.
Hyppolite argued Europe offers a large opportunity for tokenized money market funds, where such products hold a tiny fraction of assets compared with bank deposits. He cited the U.S., which has around $8 trillion in money market funds, about 40% of the roughly $16 trillion to $18 trillion held in bank deposits. He said he expects the gap to narrow.
Spiko is diversifying geographically. London is now its main office alongside Paris, and SAFO is registered with the U.K. Financial Conduct Authority. Hyppolite said the company is looking at the U.S. market, adding that nothing has been decided yet but that the firm aims to potentially expand there next year.
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