European asset manager Amundi has launched the Spiko Amundi Overnight Swap Fund (SAFO), a $100 million tokenized sub-fund designed to combine the speed and programmability of blockchain with the stability of a traditional cash-equivalent product. Structured under the French-regulated SPIKO SICAV framework, SAFO is aimed at institutional treasury and collateral management, offering fully collateralized total return swaps to generate yields above standard risk-free benchmarks. The fund’s shareholder register exists natively on Ethereum and Stellar, allowing 24/7 transferability of shares without settlement delays, providing professional investors near-instant liquidity while preserving regulatory compliance.
The dual-chain architecture leverages Ethereum for smart contract functionality and DeFi compatibility, while Stellar delivers faster and lower-cost transactions, giving institutions flexibility depending on operational needs. Cross-chain coordination and real-time net asset value reporting are powered by Chainlink, ensuring accurate pricing across networks. Subscriptions and redemptions are available in euros, U.S. dollars, British pounds, and Swiss francs, with minimum entries as low as one unit, maintaining accessibility for institutional participants while streamlining operations compared to traditional money market infrastructure.
SAFO builds on Amundi’s earlier tokenized share class experiments from 2025, representing a more ambitious implementation that emphasizes programmability, real-time settlement, and onchain visibility. The fund’s operational infrastructure relies on Spiko as transfer agent and tokenization platform, while CACEIS serves as depositary and administrator. This integration of blockchain technology with established financial safeguards provides investors with secure, compliant access to tokenized treasury products while minimizing traditional settlement friction and batch processing delays.
Jean-Jacques Barbéris, head of institutional and corporate clients and ESG at Amundi, highlighted that SAFO is part of a broader strategic push to advance tokenized financial solutions. He emphasized that the fund allows professional investors to access cash management with speed and transparency, bridging traditional fund administration with programmable blockchain rails. The initiative aligns with increasing institutional interest in tokenized real-world assets, which have grown significantly across 2025 and into 2026, particularly for money market, treasury, and collateral-linked products.
While the model offers notable efficiency gains, risks such as smart contract vulnerabilities, evolving custody standards, and jurisdictional considerations remain. Nevertheless, the regulated structure and use of established financial partners aim to mitigate these concerns. By introducing a $100 million tokenized fund with multi-chain infrastructure, Amundi signals a shift in cash management operations, demonstrating that blockchain-enabled financial products can deliver near-instant settlement, continuous global access, and enhanced operational transparency while remaining anchored in regulatory oversight.
