Amundi, Europe's largest asset manager with over €2.3 trillion in assets under management, has successfully launched a tokenized fund designed for institutional treasury and collateral management. Named the Spiko Amundi Overnight Swap Fund (SAFO), the fund has initial commitments of approximately $100 million and operates under the French regulatory framework SPIKO SICAV.
SAFO is positioned as a cash-equivalent instrument, offering overnight liquidity while aiming to outperform standard risk-free benchmarks. Its operational model relies on fully collateralized total return swaps with major banking counterparties. This strategy allows the fund to generate returns through contractual agreements with established financial institutions while maintaining a conservative risk profile.
Amundi's Multi-Chain Infrastructure Powers Fund Operations
The fund's operations span across the Ethereum and Stellar (XLM) networks, with the shareholder register natively recorded on-chain. Ethereum provides compatibility with smart contracts and decentralized finance (DeFi News) systems, while Stellar is utilized for faster, lower-cost transaction processing. This dual-network design enables continuous transferability of fund shares, free from traditional trading hours or settlement delays.
Chainlink infrastructure is employed to publish the fund's Net Asset Value (NAV) on-chain and to orchestrate various functions across networks. This facilitates real-time reporting and synchronization between blockchain environments. The application of automated systems reflects a broader shift towards digitized fund operations centered on transparency and efficiency.
The fund supports subscriptions and redemptions in multiple currencies, including EUR, USD, GBP, and CHF. With a minimum subscription of 1 unit for each supported currency, it offers significant flexibility for institutional users while operating within a regulated framework.
Institutional Framework Remains Central
Despite the integration of blockchain technology, SAFO's operations remain rooted in the existing financial system. Amundi acts as the delegated investment manager, CACEIS serves as the custodian and administrator, and Spiko provides transfer agency, tokenization infrastructure, and brokerage services. This structure ensures the fund adheres to regulatory standards and enables blockchain-based settlement.
Unlike traditional money market products, SAFO operates through swap-based exposure rather than direct holdings of government securities. In this model, banking counterparties provide collateral and pay a premium above benchmark rates while receiving the portfolio's returns. Eligible counterparties include globally systemically important banks, ensuring the product meets institutional risk requirements.
This launch builds upon Amundi's earlier tokenization efforts in 2025, adopting a more advanced structure designed for blockchain-based settlement and programmability, rather than simply adapting existing fund models.