Spiko on Stellar: Tokenised T-Bill and Swap Funds Explained

Spiko on Stellar by the numbers (October 2026)

Values and holder counts are rwa.xyz's Stellar figures for 9 October 2026. The 30-day yield is rwa.xyz's trailing annualised figure, not a forecast.

Token	Fund	Value on Stellar	Stellar holders	30-day APY
eurSAFO	Spiko Amundi Overnight Swap Fund (EUR)	$1.30B	10,026	2.81%
EUTBL	Spiko EU T-Bills Money Market Fund	$264.7M	2,361	2.22%
SAFO	Spiko Amundi Overnight Swap Fund (USD)	$112.1M	724	4.31%
gbpSAFO	Overnight Swap Fund (GBP)	$46.8M	352	4.24%
USTBL	Spiko US T-Bills Money Market Fund	$33.1M	420	3.80%
chfSAFO	Overnight Swap Fund (CHF)	$3.5M	4	0.11%
UKTBL, eurSPKCC, SPKCC	UK T-bills; Cash & Carry (EUR, USD)	Not broken out	349 / 22 / 2	3.44% / 4.47% / 6.13%

Stellar's distributed RWA market was about $3.58B on the same date, so Spiko alone is close to half of it. Stellar is also where most of eurSAFO lives: $1.30B of the share class's $1.60B total. For EUTBL the split is reversed, with $265M of $638M on Stellar. The wider Stellar picture is in RWA tokenisation on Stellar.

How to choose

• You want a euro cash fund with overnight liquidity: eurSAFO (swap-based, about €STR plus a spread) or EUTBL (euro government T-bills). They earn similar rates by different routes.
• You want dollar or sterling exposure: SAFO or USTBL for dollars, gbpSAFO or UKTBL for sterling.
• You are a US investor: rwa.xyz lists only USTBL and UKTBL as open to US investors.
• You are a professional investor seeking a higher-yield strategy: the Cash & Carry funds, with a 1% fee and six-figure minimums.
• You want to borrow against fund shares on Stellar: not possible on the venues we checked; look at USDY or Etherfuse bonds instead.

Spiko: who issues the tokens

Spiko Finance is a Paris-based simplified joint-stock company with a MiFID authorisation as an investment firm. Its funds sit in the Spiko SICAV, a French open-ended investment company. Shares are recorded as tokens on public blockchains, and CACEIS Bank, part of Crédit Agricole, acts as depositary.

Spiko's website gives its registration details (ACPR licence 19183) and says its flagship products are "UCITS approved by the French regulatory authorities". It names CACEIS as the bank holding client funds, Amundi among its asset managers and PwC as auditor, and says it has raised $90M. rwa.xyz records the SICAV's assets as held in segregated accounts at CACEIS and legally separate from the management company, which is the usual UCITS arrangement.

The token is the share register, not a wrapper around one. A Spiko token is a fund share recorded on-chain, issued by the fund itself. That is the same model as Franklin Templeton's BENJI, and different from a note issued by a separate company, which is how Ondo's USDY works.

The overnight swap funds: eurSAFO and its siblings

eurSAFO is the euro share class of the Spiko Amundi Overnight Swap Fund, a UCITS fund launched on 19 March 2026. It holds a portfolio of equities and bonds and swaps that portfolio's return with large banks for the overnight rate plus a spread, reset daily. Spiko quoted a net yield of 2.21% on 9 October.

The mechanism is a total return swap. The fund owns securities, and a bank counterparty agrees to pay the fund an overnight rate in exchange for whatever those securities return. rwa.xyz describes the counterparties as global systemically important banks rated A- or better. Spiko's euro page says the bank leg pays "€STR + 0.40%" daily, via BNP Paribas, and lists a 0.25% annual management fee, a €1 minimum and overnight (T+1) liquidity. ISIN FR0014015LD3.

The risk is not that equities fall; the swap transfers that. It is that a counterparty defaults, leaving the fund with the collateral portfolio. Spiko's page calls this "double protection": the bank's credit plus the securities. That is a reasonable description, but it is a different risk from holding T-bills directly, and readers comparing yields should know which one they own.

Rates differ by measure. Spiko's 2.21% is a current net yield; rwa.xyz's 2.81% is trailing 30-day. The same fund is offered in dollars (SAFO, 4.31% trailing), sterling (gbpSAFO) and Swiss francs (chfSAFO, with a 0.15% fee per rwa.xyz). All four classes date from 19 March 2026 and, per rwa.xyz, are for non-US investors.

The T-bill funds: EUTBL, USTBL and UKTBL

Spiko's T-bill products are UCITS money market funds that hold short-dated government debt: European government bills for EUTBL, US Treasury bills for USTBL and UK Treasury bills for UKTBL. EUTBL and USTBL date from May 2024; UKTBL from October 2025. Each charges 0.25% a year, per rwa.xyz.

These are the funds that made Spiko's name, and the closest thing on Stellar to a classic tokenised T-bill fund. rwa.xyz lists a €1,000 minimum for EUTBL and USTBL and £1,000 for UKTBL, daily subscriptions and redemptions, and investor eligibility of non-US only for EUTBL but US and non-US for USTBL and UKTBL.

The flows are moving away from them on Stellar. EUTBL's Stellar value fell from $494M 90 days ago to $265M, while eurSAFO rose from $589M to $1.30B, per rwa.xyz. Holder counts barely changed (EUTBL's actually rose, to 2,361), which points to large holders switching rather than retail leaving. For how these compare with BUIDL, BENJI and other funds, see tokenised money market funds compared.

Cash & Carry: the professional-only funds

eurSPKCC and SPKCC are Spiko's Cash & Carry funds, set up in July 2025 as French professional specialised funds (FPS), an alternative-fund wrapper rather than UCITS. rwa.xyz lists them for non-US professional investors only, with a 1% management fee and minimums of €100,000 and about $115,000.

Spiko's site describes Cash & Carry as an arbitrage strategy. Trailing 30-day yields were higher than the cash funds (4.47% in euros, 6.13% in dollars, per rwa.xyz), which is the compensation for a less regulated wrapper and a strategy with more moving parts. Only 22 and 2 Stellar addresses held them.

How the token works on Stellar

Spiko's Stellar tokens are Soroban contracts, not classic Stellar assets. Reading the eurSAFO contract on 9 October showed 5 decimals, a total supply of about 1.159 billion shares, and functions for minting, burning, redemption, pausing, upgrades and a permission manager, with no allowance functions.

Two consequences follow. First, holding requires being on the fund's permission list; a share sent to an unapproved address should fail, which is how the fund enforces KYC and investor eligibility on-chain. Second, the contract is upgradeable and pausable by its owner. That is normal for a regulated fund token, but it means you are trusting the issuer's key management as well as the fund.

The missing allowance functions matter for DeFi. Lending and AMM contracts usually pull tokens with an approve-then-transfer pattern, which this interface does not offer. XOXNO's published Stellar configuration includes six Spiko markets with 60% loan-to-value in a dedicated Spiko spoke, but both the markets and the spoke are flagged disabled. Background on RWA collateral is in RWAs as DeFi collateral.

Which chains, and why Stellar dominates

rwa.xyz lists eurSAFO tokens on Stellar, Arbitrum, Polygon, Ethereum, Base and Solana, and its fund description also names Starknet and Etherlink. By value Stellar dominates: 81% of eurSAFO and 42% of EUTBL sat on Stellar on 9 October.

Neither rwa.xyz nor Spiko's pages say why Stellar carries so much of the euro swap fund, and we have not found a primary source that does. What can be said is that the Stellar balance is held by about 10,000 addresses. Low and predictable fees, covered in Stellar transaction fees, make a chain cheap to run a share register on, but that is true of several of the networks above.

How Spiko fits Stellar's RWA market

Stellar's RWA market is mostly cash-like. rwa.xyz's top five Stellar platforms on 9 October were Spiko ($1.78B), Franklin Templeton ($616M), Ondo ($537M), Realiz ($500M) and Circle ($372M). Spiko and Franklin issue fund shares directly; Ondo issues a note; Realiz a corporate bond. The platform list is in the best RWA platforms on Stellar.

The takeaway

Spiko is Stellar's biggest RWA issuer, but the headline number is mostly an overnight swap fund rather than T-bills. That fund is UCITS-regulated, cheap and liquid overnight, and its main risk is bank counterparty credit rather than rates. The tokens are permissioned fund shares built for a register, not for DeFi, so treat them as a cash product you hold, not collateral you loop.

Sources: rwa.xyz network and asset pages (Stellar; eurSAFO, SAFO, gbpSAFO, chfSAFO, EUTBL, USTBL, UKTBL, eurSPKCC, SPKCC), 9 October 2026; spiko.io and spiko.io/spiko-euro; read-only calls to the eurSAFO contract (CBOOCGZSVRSZFRE4U2NWR2B4RXYVJWRCBTGOUD2JPI2TDJPWMTJX7FZP) on Stellar mainnet, 9 October 2026; XOXNO rs-lending-xlm mainnet configuration. WhaleHub is the publisher of this article and has no relationship with Spiko.