Amundi, Europe’s largest asset manager with more than €2.3 trillion in client funds, has launched the Spiko Amundi Overnight Swap Fund, SAFO, a tokenized fund aimed at treasury and collateral management for corporates and financial institutions.
The product is structured as a sub-fund of SPIKO SICAV under French law and is designed as a cash equivalent instrument with around-the-clock transferability, launching with $100 million in committed AUM.
SAFO uses fully collateralized total return swaps with top-tier banks to deliver yields above risk-free benchmarks while keeping overnight liquidity. The fund is available in euro, US dollar, pound sterling, and Swiss franc, with subscriptions and redemptions starting from just 1 unit of each currency. Shares are recorded on Ethereum and Stellar, and Chainlink is used to publish the fund’s NAV onchain.
Amundi serves as delegated investment manager, while CACEIS acts as depositary bank and fund administrator. Spiko handles transfer agency, tokenization infrastructure, and brokerage for the fund shares.
The launch adds another tokenization step for Amundi, which in December 2025 introduced its first tokenized share class for its Amundi Funds Cash EUR money market fund on Ethereum in partnership with CACEIS.
The new fund expands Spiko’s role in Europe’s tokenized fund market. In February, Spiko said it had surpassed $1.03 billion in assets under management across its products, with more than 3,300 active clients and over 92% of assets coming from business users. The company said only BlackRock’s BUIDL and Circle’s USYC were larger at the time, underscoring how quickly tokenized cash management products have gained traction.
The launch also shows how tokenization is moving beyond simple blockchain wrappers for money market funds. SAFO is built for treasury operations and collateral workflows, with near instant settlement, flexible custody, API and smart contract access, and borderless transfers. That makes it part of a broader push to turn tokenized funds into working financial infrastructure rather than passive investment products.
For Amundi, the move adds to a broader digital asset strategy as Europe’s largest asset manager, which says it manages more than €2.3 trillion in assets. For the wider market, SAFO adds more evidence that regulated tokenized fund structures are moving deeper into real institutional use cases such as cash management, collateral mobility, and programmable finance.
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