Europe's largest asset manager has quietly built the fastest-growing tokenised fund on record, with Amundi and Paris-based Spiko disclosing that SAFO has crossed $400 million in assets under management less than a month after launching on Ethereum and Stellar.
Europe's largest asset manager has quietly built the fastest-growing tokenised fund on record. Amundi and Paris-based tokenisation platform Spiko disclosed this week that the Spiko Amundi Overnight Swap Fund — SAFO for short — has pulled in roughly $400 million in assets under management in the three weeks since it went live on Ethereum and Stellar. That puts it ahead of every previous on-chain fund vehicle for pace of growth, according to figures from Chainlink, which provides the fund's on-chain net asset value feed.
SAFO is a sub-fund of the Spiko SICAV, regulated under French law and aimed squarely at corporate treasurers and institutional allocators who want a cash-equivalent instrument that can move around the clock. It offers fully collateralised total return swaps with what Amundi describes as top-tier banks, subscription and redemption in four currencies — EUR, USD, GBP and CHF — and near-instant settlement with a live on-chain shareholder register. Chainlink records the net asset value directly on-chain so that downstream integrations can read a trusted price without relying on an off-chain feed.
The growth rate is the line that matters. BlackRock's BUIDL fund, which launched on Ethereum in 2024, took months to cross the half-billion mark. Franklin Templeton's FOBXX took years to build a material balance. SAFO cleared $400 million in less than a month, which suggests European corporates had been waiting for an on-chain treasury vehicle from an asset manager they already trust rather than from a crypto-native outfit. Amundi runs roughly €2.3 trillion across its traditional mandates; the brand equity matters when a CFO has to justify parking operating cash on a public chain.
The product is also closer to existing treasury tools than the first generation of tokenised funds were. BUIDL paid out Treasury-bill yield through a wrapper. SAFO is built on overnight swaps referenced to money-market benchmarks, which means it behaves more like an on-chain version of the overnight repo instruments European treasurers already use. The wrapper is a set of tokens; the underlying is paper the corporate finance desk already knows how to model.
The dual-chain deployment is telling. The Ethereum leg is obvious. That is where the vast majority of on-chain institutional liquidity and custody infrastructure lives. Stellar is the more interesting choice. Stripe's acquisition of Bridge last year tilted Stellar back toward the payments and stablecoin corridor it had always wanted to occupy, and corporates that run cross-border flows through stablecoin rails increasingly want somewhere to park idle balances without going back to fiat. SAFO on Stellar slots into that gap directly.
There is a broader lesson in how quickly $400 million moved. Bernstein's tokenisation supercycle thesis — that on-chain representations of money-market and treasury instruments will pull hundreds of billions of real-world capital on-chain over this cycle — has always been the strongest argument for institutional crypto infrastructure. Data keeps backing it up. On-chain real-world assets crossed $27 billion in early April, and the IMF warned last week that tokenised finance was now large enough to amplify global market stress. Regulators and central banks are paying attention because they have to.
What SAFO is not, importantly, is a retail product. There is no public marketing push, no flashy front end, no yield-farming app to wrap the tokens. The fund is distributed through the channels Amundi already uses (directly to corporates, private banks, and institutional allocators) with on-chain transferability as a feature rather than a hook. Spiko's job is to make the token side of the plumbing invisible to a treasurer who simply wants to deposit cash and accept a return.
The regulatory backdrop is also more permissive than it was six months ago. France's AMF has run a sandbox for tokenised funds since 2024, and the MiCA framework classifies collective investment undertakings on public blockchains clearly enough that issuers know what they are working with. European issuers have quietly used that head start to build infrastructure while US players wait for Congress to pass a market structure bill. SAFO is the first large product to come out of that quieter European track, and it suggests the Americans have been watching the wrong market.
Amundi did not disclose the identities of its counterparty banks or the concentration of holders driving the rapid inflow. That makes it hard to know whether $400 million reflects broad uptake or a handful of very large treasurers. Comparable institutional platforms, including Securitize's model for tokenising traditional securities, publish even less about underlying holders. What the disclosure does confirm is that an on-chain fund wrapper from a trusted European brand can scale faster than anything the industry has seen before.
