- Amundi and Spiko launch SAFO, a tokenized overnight swap fund
- Built as a sub-fund of SPIKO SICAV, regulated under French law
- Offers cash-equivalent exposure with 24/7 transferability
- Chainlink records NAV on-chain for transparency
- Available in EUR, USD, GBP, CHF with low minimum subscription
- Designed for corporates and institutional treasury needs
Amundi and Spiko have announced the launch of the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized investment vehicle designed to serve the treasury and collateral management needs of corporates and financial institutions. The announcement was officially shared by Amundi.
SAFO is structured as a sub-fund of SPIKO SICAV, a SICAV regulated under French law. The fund is positioned as a cash-equivalent instrument, offering investors continuous access and operational flexibility through blockchain technology.
Focus on Liquidity and Stable Yield: The fund utilizes fully collateralized total return swaps with top-tier banking institutions. This structure aims to generate stable yields above risk-free benchmarks while preserving overnight liquidity. By combining traditional financial mechanisms with tokenization, SAFO is designed to provide a balance between yield generation and capital accessibility.
Multi-Currency Access with Low Entry Barrier: SAFO is available in four major currencies – Euro (EUR), US Dollar (USD), British Pound (GBP), and Swiss Franc (CHF). Investors can subscribe and redeem shares starting from as little as 1 unit of each respective currency, making the product accessible to a broad range of institutional participants.
Blockchain Infrastructure and 24/7 Transferability
The fund integrates blockchain technology to enhance operational efficiency and transparency. Key capabilities include:
- Near-instant settlement
- Flexible custody options
- Real-time visibility of the shareholder register
- Continuous, borderless transferability of fund shares
The shareholder register is hosted on both Ethereum and Stellar, with potential expansion to additional blockchain networks depending on investor demand.
Chainlink Powers On-Chain NAV Reporting: Chainlink provides the infrastructure required to record SAFO’s Net Asset Value (NAV) on-chain. This enables transparent and verifiable tracking of fund value in real time, aligning with broader trends in tokenized finance.
Operational Roles and Distribution: Amundi acts as the delegated investment manager of SAFO, while CACEIS serves as the depositary bank and fund administrator. Spiko operates as the transfer agent, tokenization platform, and broker for fund shares. The fund is currently accessible to eligible investors via Spiko, with plans to expand availability through its API-enabled distribution network.
Industry Commentary
Jean-Jacques Barbéris, Head of Institutional and Corporate Clients and ESG at Amundi, stated that SAFO provides professional investors with faster and more transparent access to cash management solutions, highlighting the firm’s ambition to support the growth of tokenized financial products.
Paul-Adrien Hyppolite, co-founder and CEO of Spiko, emphasized that clients will benefit from the reliability of Spiko’s fund issuance and distribution infrastructure.
