Only 18 months after launching Europe’s first approved tokenized money market funds, we’ve hit a symbolic milestone last week: $1 billion in assets under management (AuM).
This positions Spiko alongside industry leaders like BlackRock, Franklin Templeton, and Fidelity Investments in the rapidly growing tokenized funds space.
Today, we want to use this milestone as an opportunity to share more about who our users are, where they come from, and how they engage with our products. We take pride in being one of the few fintechs to offer real-time visibility into key metrics, including AuM, transaction volume, client numbers, and their relative contribution.
This transparency is no accident. We’re building the market infrastructure of tomorrow by solving the inefficiencies of legacy systems that operate as opaque, siloed black boxes. Our infrastructure is open source and fully auditable in real time. What we’re sharing today is just a selection of visualizations built primarily from publicly accessible data.
Let’s start with the big-picture numbers. Since our mid-2024 launch, both assets under management and user numbers have grown steadily by over 20% month over month. What began with just a handful of early adopters has evolved into a diversified user base of more than 3,300 active clients - ranging from startups and SMEs to non-profits, holding companies, fintechs, and individuals - allocating across four products and three currencies:
To put things in perspective, only two competing products in the rapidly expanding tokenized MMF market currently surpass Spiko’s $1.03B AuM: BlackRock's BUIDL at $2.18B and Circle's USYC at $1.62B. We outpace other established players, including Franklin Templeton ($897M), Ondo ($779M), and Superstate ($731M). Notably, Spiko is the only European issuer in this group, and the fastest-growing among them.
Beyond AuM, a notable trend in Spiko’s growth is the shift in user composition, with B2B users now outnumbering B2C users. While individuals were among Spiko's earliest adopters, businesses caught up by mid-2025 and now make up the majority of the client base.
The contrast is even more striking in terms of AuM, with B2B clients accounting for over 92% of total. This highlights the strength of Spiko's value proposition for corporate treasurers: daily liquidity, daily yield, and the security of sovereign-backed instruments without the complexity or minimum thresholds of traditional fund distribution platforms. It also reflects the deliberate choices and investments we made in product, sales, and marketing.
A $1B AuM becomes truly meaningful with a resilient base, and Spiko’s fund concentration paints an encouraging picture.
The funds are not overly dependent on a small number of large allocators. For example, in Spiko Euro, the largest single user represents just 2.8% of AuM, while the next four largest each account for 1.5-2.5%. Spiko Dollar and Pound also show balanced distributions, with the largest users holding 10.9% and 17.8% respectively.
Spiko's user base already spans more than 20 countries, with a strong concentration in France, which accounts for $888.4M, or 86% of total AuM. This is largely because, until recently, our sales and marketing activities were confined to France. Since obtaining MiFID investment firm status in January, we can now offer brokerage services across Europe. We expect France’s AuM to continue growing strongly in the coming months and years, even as its share of total AuM gradually declines with Spiko’s geographic expansion. Early signs of this diversification are already visible, as illustrated in the graph below.
Behind the $1B in AUM, the platform’s usage metrics are showing exceptional growth. Since inception, Spiko has processed over 26,600 transactions: 10,358 B2B subscriptions (deposits) and 6,442 B2B redemptions (withdrawals), alongside 7,100 B2C subscriptions and 2,708 B2C redemptions. Across both segments, subscription activity consistently exceeds redemptions, highlighting strong net inflows.
In dollar terms, cumulative transaction volume - the sum of subscriptions and redemptions - has reached $2.85B, with $2.66B contributed by B2B clients and $187.2M by B2C users. Weekly volumes have accelerated sharply since mid-2025, with recent weeks regularly exceeding $50M.
Most importantly, Spiko has distributed $13.2M in daily interest to its users since launch, with $12.0M going to B2B clients and $1.2M to B2C clients. Weekly interest payments now exceed $400K, reflecting both the growing asset base and the compounding effect of daily yield accrual.
Crossing $1 billion is a milestone, not the destination. As we scale, our focus remains on what has driven our growth from day one: making the risk-free rate and a full set of treasury instruments accessible to every business and individual in Europe - with the simplicity, security, and transparency they deserve.
In the months ahead, we'll expand our product suite, strengthen our distribution partnerships, broaden our European geographic footprint, and continue investing in the infrastructure that powers it all.
The first billion is behind us, and the next chapter is just beginning!
Spiko is building the next-generation financial market infrastructure, leveraging the speed and efficiency of distributed ledger technology. Its money market funds, approved by the French Financial Markets Authority (AMF), offer businesses and individuals a safe, seamless way to earn the risk-free rate. Spiko is licensed as a MiFID investment firm by the French Prudential Supervisory Authority (ACPR) to offer brokerage and transfer agent services.
To better understand the world of cash management, explore our blog!
