In March, we launched SAFO with Amundi, Europe's largest asset manager (Spiko and Amundi partner to launch SAFO). Four months later, it crossed $1 billion in assets under management. On October 19, it passed BlackRock’s BUIDL. Days later, it passed Circle’s USYC and became the largest tokenized fund in the world.
31 weeks of growth
At seven months old, SAFO held $2.28 billion. BUIDL held $551 million at the same age, less than a quarter as much.
SAFO's assets have risen every week since launch: 31 weeks in a row. Over the last three months, assets grew about 30% a month, and holders about 18% a month.
SAFO, USYC and BUIDL, side by side
| SAFO | USYC | BUIDL | |
|---|---|---|---|
| Manager | Amundi (by delegation) | Circle | BlackRock |
| Launch | March 2026 | October 2023 | March 2024 |
| Assets on October 27, 2026 | $2.39 billion | $2.37 billion | $2.19 billion |
| Wallets holding the fund | About 13,000 | 30 | 102 |
| Eligibility | Businesses and individuals, in the countries where it is offered | Non-US institutions | Qualified investors |
| Minimum subscription | 1 euro, dollar, pound or Swiss franc | $100,000 | $5 million |
The difference in holders follows from who each fund is built for. USYC and BUIDL serve institutions, with minimums of $100,000 and $5 million. SAFO is open to businesses and individuals from 1 euro, dollar, pound or Swiss franc, through the Spiko app or API, and has more than 100 times as many wallets as BUIDL.
Who holds SAFO
Individuals make up half of SAFO’s holders and hold 10% of its assets. More than 5,000 businesses hold the rest, nearly 90% of the fund. The median business holds about $60,000.
Most of these businesses are small. Six in ten hold less than $100,000 each: small and mid-sized companies, medical and legal practices, property and holding companies placing their operating cash. Together they hold 5% of the fund.
More than 300 businesses hold $1 million or more each, and the largest positions exceed $50 million. That is 3% of SAFO's holders, holding almost two thirds of its assets.
SAFO also brought new clients to Spiko. More than three quarters of the businesses that hold it, more than 4,000, were not Spiko clients before its launch, and investors who were new to Spiko hold more than half of the fund. Existing clients moved over too: nearly $900 million has been switched into SAFO from other Spiko funds since launch.
Most of these assets come through Spiko directly: users with a Spiko account hold more than 80% of SAFO. The rest comes through partners that offer SAFO to their own clients, such as neobanks and fintech apps.
“Main Street got there first. Companies of every size are moving their cash onchain, one treasury at a time. More than 6,500 businesses already keep cash in funds available through Spiko, $3.1 billion in total, which makes Spiko the world’s largest platform for tokenized cash funds. They earn a competitive short-term yield from day one and can get their cash back in seconds, any day of the week.”
Paul-Adrien Hyppolite, co-founder and CEO of Spiko
Cash back in seconds
For a business, liquidity matters as much as yield. Euro holders can withdraw up to €500,000 a day instantly, and at no cost, at any hour, weekends included. They use it: more than 11,000 instant withdrawals since launch, paid in a median of about 40 seconds. Of these, 44% came outside banking hours: evenings, nights and weekends. Withdrawals above the instant limit, and in other currencies, follow the fund's daily redemption cycle.
Cash moves in and out of the fund every day. Since launch, investors have subscribed $3.51 billion, including the money switched from other Spiko funds, and redeemed $1.08 billion, for more than 70,000 mints and burns of tokenized shares.
Where SAFO grows next
Three markets will drive SAFO’s next phase.
Treasury. European banks hold about $20 trillion in deposits. Most of it earns nothing, and the average rate is just 0.63%. Every business that moves its operating cash into SAFO earns a competitive overnight yield and can get its cash back in seconds. That leaves a very large market still to reach and Spiko is doubling down on it by opening more markets in Europe.
Fintechs and platforms. Through Spiko Embedded, neobanks, fintech apps and SaaS providers use our API to offer SAFO as the yield asset behind their clients’ earn products. Each new partner opens SAFO to its whole client base.
Crypto. Tokenized real-world assets are one of the fastest-growing markets in crypto, and SAFO is now the largest tokenized fund. We recently hired Julian Grigo, formerly at Safe, as Head of Crypto, to build on that position. We see strong interest from two segments:
Exchanges and brokers need a regulated yield asset for their earn programs. MiCA bars stablecoin issuers and distributors from paying interest, so platforms use SAFO to offer yield to their users.
Crypto asset managers hold SAFO as a liquidity sleeve in their yield strategies, with daily subscriptions and next-day redemptions.
Read the full press release: here
Spiko gives you simple access to overnight benchmark rates in euros, dollars, pounds sterling and Swiss francs through regulated cash funds. The money market funds available on Spiko invest in Treasury bills issued by highly rated sovereign states, while the Smart Cash range delivers enhanced daily yields through Amundi’s expertise in total return swap strategies. All funds offer daily liquidity, with no notice period, penalties or withdrawal fees.