(EN) Borrow stablecoins against your SAFO shares

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Last September, we launched a European first with SG-FORGE: the ability to borrow stablecoins at any time by pledging Spiko's tokenized money market fund shares as collateral. We covered it in a dedicated article on our blog (Spiko integrates Morpho and partners with SG-FORGE).

Ten months later, we are taking the next step: extending the same feature to the product we launched last March with Amundi, officially named the Spiko Amundi Overnight Swap Fund (SAFO) or Smart Cash.

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SAFO, four months after launch

Since launch, SAFO has been widely adopted. The fund now holds more than $1B in assets under management and already counts more than 6,500 users: businesses, financial institutions, and individuals.

The reason is simple: competitive yields, combined with product features like instant withdrawals. If you want to understand the product in detail, we wrote a full article about it (Smart Cash: everything you need to know about our new product).

Besides, SAFO shares aren’t an entry in a proprietary, closed-source database: they're tokens on open, composable infrastructure, which opens up new use cases. Today's announcement is the first illustration of what that makes possible.

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What changes in practice?

SAFO already offers full liquidity: daily redemptions, and even instant euro withdrawals, directly from the Spiko app. What’s new today is different in kind: you can now access instant liquidity without selling your shares.

SAFO users can now pledge their shares as collateral to borrow EUR CoinVertible, the MiCA-compliant euro stablecoin issued by SG-FORGE, 24/7.

Picture this: your company holds $5 millions in SAFO and faces a one-off cash need. Rather than selling your shares, you pledge them as collateral and borrow the euros you need within seconds, drawing on a deep, readily available pool of liquidity: no cut-off, no waiting for the next business day. Your shares keep accruing their daily yield. A few days later, once your cash position is rebuilt, you repay the loan and get your shares back.

This type of asset-backed lending, known in finance as Lombard lending, was until now reserved for large institutions and private banking clients. On open infrastructure, it becomes available to every user, with no intermediary and no appointment needed.

And the mechanism benefits both sides of the market: EUR CoinVertible holders who lend their stablecoins earn a yield in return, backed by high-quality collateral.

One last piece makes it all work: a lending market is only as reliable as the value of its collateral. The fund's net asset value (the very one computed daily by CACEIS, the fund’s administrator) is therefore published onchain via Chainlink. A fund share whose value can be read by any application becomes a building block anyone can assemble: that is what "composability" means.

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Ten months of smooth operation

This new market builds on the experience of the first one, launched in September 2025 on shares of the Spiko T-Bills money market funds. The track record after ten months is as expected: the market has run continuously, and several million euros have already been borrowed against these shares.

The proof is in, under real conditions: UCITS funds and MiCA-compliant stablecoins can interoperate on open infrastructure, to the benefit of both.

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What's next?

SAFO already exists in four currencies (EUR, USD, GBP, and CHF). This first euro market naturally paves the way for other currencies.

Our conviction is the same as last September: any high-quality financial instrument should be able to serve as collateral to access liquidity on demand. Money market funds led the way; SAFO carries it forward.

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At Spiko, we offer simple access to risk-free rates in euros, dollars, pounds sterling, and Swiss francs through regulated financial products. Our money market funds hold Treasury bills issued by the most creditworthy sovereign states, while our Smart Cash range delivers enhanced daily yields through Amundi's expertise in Total Return Swap strategies. Daily liquidity, with no notice period, no penalties, and no withdrawal fees.

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