Spiko Amundi Overnight Swap Fund

safo

Rank #191•Decentralized Finance (DeFi), Tokenized Assets, Polygon Ecosystem

CoinYQ Dossier

SAFO was a new fund launch, not a new blockchain

SAFO arrived in March 2026 after Spiko had already spent nearly two years operating tokenized Treasury-bill funds. What launched was a new French-law sub-fund with blockchain-recorded share classes. Its cash-management proposition must be read together with investor eligibility, swap-counterparty exposure and administrator-controlled token contracts.

Spiko existed before SAFO

Spiko says it was founded in June 2023 by Paul-Adrien Hyppolite and Antoine Michon to build infrastructure for issuing and distributing tokenized financial instruments. On 12 June 2024 it announced the separate Spiko EU T-Bills and US T-Bills money-market funds with tokenized shareholder registers. Those products established the platform; they were not SAFO share classes.

Before the public SAFO announcement, Spiko’s deployer created the Ethereum proxy for the EUR share class, eurSAFO, on 26 February 2026. Etherscan identifies the contract and the initialization data sets five decimals. This was technical preparation for the fund launch; the reviewed materials do not provide a fixed token-allocation schedule.

What launched on 19 March 2026

The joint announcement introduced SAFO as a tokenized sub-fund of SPIKO SICAV under French law. Amundi became delegated investment manager, CACEIS depositary bank and fund administrator, and Spiko transfer agent, broker and tokenization platform. EUR, USD, GBP and CHF classes were offered, with subscriptions and redemptions from one unit of the relevant currency for eligible investors.

The stated strategy uses fully collateralized total-return swaps with top-tier banks, beginning with BNP Paribas, to seek overnight-benchmark returns plus a spread. The shareholder register began on Ethereum and Stellar, while Chainlink supplied NAV infrastructure. Additional networks and broader API distribution were plans at launch, not facts to be backfilled into the launch record.

A controlled fund share, not a reserve-backed coin

SAFO tokens represent shares in the fund recorded through Spiko’s infrastructure. The reviewed materials do not state that holders directly own the swap collateral, a bank counterparty’s assets or a separate reserve pool, and they do not grant unrestricted stablecoin-style redemption. Subscription and redemption remain subject to eligibility and fund terms; the official notice says capital and performance are not guaranteed.

The public code permits restricted roles to mint, burn, pause and unpause tokens, reset ownership and authorize upgrades. Ordinary transfers require authorization for both sender and recipient. That code establishes available administrative powers, not who controls every live role today. On 22 July 2026 Spiko announced a euro Morpho collateral market, adding oracle, smart-contract and liquidation exposure; markets in other currencies remained prospective.

How the project changed

2023-06
Spiko founded
Spiko says Hyppolite and Michon founded the company to build infrastructure for tokenized financial instruments.
2024-06-12
Earlier Treasury-bill funds announced
Spiko announced separate EUR and USD tokenized money-market funds that preceded SAFO.
2026-02-26
eurSAFO Ethereum proxy deployed
Spiko’s deployer created the five-decimal EUR share-class proxy before the public fund launch.
2026-03-19
SAFO fund launched
Amundi and Spiko launched the tokenized French-law sub-fund in four currency classes for eligible investors.
2026-07-22
Euro collateral market announced
Spiko announced a Morpho market for borrowing EUR CoinVertible against SAFO shares, with overcollateralization and liquidation mechanics.

What to verify before relying on the token story

Fully collateralized, daily-reset swaps still leave bank-counterparty, collateral-value, market and liquidity risk; capital and performance are not guaranteed.
Access is eligibility-gated, while ordinary token transfers require authorization for both sender and recipient. These are separate controls and may restrict different actions.
Restricted contract roles can mint, burn, pause, reset ownership and authorize upgrades. The current controllers and live permission requirements were not established by the reviewed documents and require direct on-chain verification.
Using eurSAFO as collateral in Morpho adds oracle, smart-contract and liquidation exposure. Insufficient collateral can trigger a sale, while non-euro markets were still prospective in the July announcement.

Evidence and primary sources

Last evidence review: 2026-08-22

What is Spiko Amundi Overnight Swap Fund?

Spiko Amundi Overnight Swap Fund (SAFO), also marketed by Spiko as Smart Cash, is a tokenized sub-fund of SPIKO SICAV under French law. Amundi is the delegated investment manager, CACEIS is the depositary bank and fund administrator, and Spiko is the transfer agent, broker and tokenization platform. It launched on 19 March 2026 for eligible investors, after Spiko’s separate Treasury-bill funds had already been operating since 2024.

SAFO has EUR, USD, GBP and CHF share classes. The launch materials describe a shareholder register on Ethereum and Stellar, with Chainlink infrastructure used to publish the fund’s NAV on-chain. Additional networks and broader API distribution were described as expansion plans rather than launch-day availability.

SAFO is a fund share, not a fiat-backed stablecoin or direct ownership of a reserve pool, swap collateral or a bank counterparty’s assets. Subscription and redemption depend on investor eligibility and fund terms, and the official notice says neither capital nor performance is guaranteed.

What problem does Spiko Amundi Overnight Swap Fund solve?

Conventional cash-management funds can involve intermediaries, cut-off times and registry systems that are difficult to connect to wallets, smart contracts or on-chain collateral markets. SAFO combines a regulated fund structure with a blockchain-recorded shareholder register so eligible investors can hold and transfer authorized fund shares through Spiko’s infrastructure.

The investment strategy addresses a different problem from Spiko’s Treasury-bill funds: it seeks an overnight benchmark return plus a spread through total-return swaps with major banks. Tokenization does not remove the underlying fund, counterparty, liquidity or operational risks, and it does not make access or transfers permissionless.

How does Spiko Amundi Overnight Swap Fund work?

The fund holds a portfolio of financial instruments and enters into fully collateralized, daily-reset total-return swaps with eligible top-tier bank counterparties. Under the stated strategy, the fund passes the portfolio’s total return to the bank and receives an overnight benchmark return plus an agreed spread. BNP Paribas was the first named counterparty. Collateralization and daily reset are risk controls, not guarantees against loss.

At launch, investors could subscribe and redeem in EUR, USD, GBP or CHF from one unit of the relevant currency, subject to eligibility and fund dealing terms. CACEIS acts as depositary and administrator. Spiko’s July 2026 explanation says CACEIS computes NAV daily and Chainlink publishes it on-chain.

The published token code exposes restricted mint, burn, pause, unpause, ownership-reset and upgrade functions. It also requires authorization for both the sender and recipient of an ordinary transfer. Those controls describe what the contracts permit; the reviewed sources do not establish the current human or entity controlling every live role, and transfer authorization should not be confused with subscription or redemption rules.

Key facts

SAFO launched on 19 March 2026 as a tokenized sub-fund of French-law SPIKO SICAV.
Amundi is delegated investment manager; CACEIS is depositary bank and fund administrator; Spiko is transfer agent, broker and tokenization platform.
Four share-class currencies were offered at launch: EUR, USD, GBP and CHF, with subscriptions and redemptions from one unit of the relevant currency, subject to eligibility and fund terms.
The strategy uses fully collateralized, daily-reset total-return swaps with top-tier banks; BNP Paribas was the first named counterparty.
The launch shareholder register was hosted on Ethereum and Stellar; additional networks and broader API distribution were expansion plans.
CACEIS computes NAV daily and Chainlink publishes it on-chain, according to Spiko’s July 2026 product update.
The published code permits restricted minting, burning, pausing, ownership reset and upgrades; ordinary transfers require authorization for both sender and recipient.
SAFO is for eligible investors and is not capital- or performance-guaranteed; the reviewed materials do not grant direct ownership of swap collateral or an unrestricted stablecoin-style redemption right.

Official links

Official website Whitepaper Block explorer X / Twitter GitHub

Related coins

Frequently asked questions

Is SAFO a stablecoin?

No. SAFO is a tokenized share in a French-law fund. Its NAV can accrue the economics of the fund’s swap strategy, but it is not described as a fiat-backed stablecoin and capital is not guaranteed.

How does SAFO seek a return?

The fund uses fully collateralized, daily-reset total-return swaps. It passes the return of its portfolio to a bank counterparty and receives an overnight benchmark return plus a spread; BNP Paribas was the first named counterparty.

Who can subscribe or redeem?

The launch materials say SAFO is available to eligible investors through Spiko. The one-unit minimum does not remove onboarding, eligibility or fund dealing conditions.

Where are SAFO shares recorded and transferred?

The launch register was hosted on Ethereum and Stellar. The token code requires authorization for both sender and recipient of an ordinary transfer, while additional networks were described as possible expansion.

Is SAFO supply fixed?

No fixed live-supply figure is stated here. The published contract exposes restricted mint and burn functions, so readers should verify current supply and role configuration directly on-chain rather than infer them from a one-time allocation.

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