Spiko Amundi Overnight Swap Fund safo

Spiko Amundi Overnight Swap Fund (SAFO) is a tokenized sub-fund of SPIKO SICAV, a French-law UCITS structure. It was launched by Spiko and Amundi for treasury and collateral management, particularly for corporates and financial institutions. The fund is regulated by the French Financial Markets Authority (AMF), while Amundi is the delegated investment manager.

SAFO is intended to behave as a cash-equivalent investment while adding blockchain-native operational features. Shares can be transferred around the clock, the shareholder register is visible on-chain, settlement can be near-instant, and investors can use flexible custody arrangements. The fund is offered to eligible investors rather than being an unrestricted retail cryptocurrency.

The product is organized into currency share classes. At launch, Spiko and Amundi announced EUR, USD, GBP and CHF availability, with subscriptions beginning at one unit of the relevant currency. The classes accumulate income rather than distributing it, and the fund uses daily NAV updates.

SAFO is not a stablecoin or an unsecured yield token: it represents shares in a regulated fund. Its tokenization and distribution infrastructure is operated by Spiko, with CACEIS acting as depositary bank and fund administrator.

Conventional money-market and cash-management funds can be operationally slow to subscribe, redeem, custody and transfer. They generally require intermediaries and business-hour processes, which makes them awkward as collateral or as a programmable treasury asset. SAFO addresses this by placing the shareholder register and fund-share transfer process on blockchain infrastructure.

The product also addresses the low-yield problem of idle cash by seeking a return above the relevant overnight risk-free benchmark while retaining overnight liquidity. Its multi-currency structure is designed for organizations that hold operating cash or collateral in more than one major currency.

The solution does not eliminate investment risk. Total-return swaps introduce counterparty and collateral-management exposure, and the fund remains subject to UCITS, market, liquidity, operational and regulatory risks. Access and transferability are also subject to eligibility checks and the fund's legal terms.

SAFO uses fully collateralized total-return swaps with Tier 1 banking counterparties. The fund holds a diversified portfolio of equities and bonds, then exchanges the portfolio's total return with a bank for an overnight-rate return plus a spread through daily-reset swaps. This structure is intended to produce stable cash-like returns without requiring the investor to hold the underlying portfolio directly. BNP Paribas was identified as the initial counterparty, and the product description refers to G-SIB counterparties rated A- or above.

The swaps are collateralized, which is a central part of the risk-control design, but collateralization does not mean that counterparty or liquidation risk is zero. The fund targets overnight liquidity and accumulates income in NAV. The EUR class is described by Spiko's public dashboard as using capitalized €STR + 0.50% as its reference index; other currency classes use their corresponding terms and benchmarks.

Spiko handles transfer-agent and brokerage functions and provides the tokenization platform. CACEIS provides depositary and fund-administration services, while Chainlink supplies infrastructure for recording the fund NAV on-chain. Amundi manages the investment mandate.

The shareholder register is hosted on Ethereum and Stellar, with the stated ability to add networks as demand develops. API and smart-contract access enables programmatic subscriptions, redemptions or transfers where supported, while 24/7 transferability refers to tokenized share movements and remains governed by the fund's eligibility and compliance controls.