Europe’s largest tokenized money market fund just landed on Solana, and it is bringing institutional-grade cash management to one of crypto’s most active blockchains.
Spiko, a European fintech licensed and supervised by French financial regulators, has gone live on Solana with its SAFO fund.
SAFO, which stands for Spiko Amundi Overnight Swap Fund, is a UCITS-compliant money market fund managed by Amundi, Europe’s largest asset manager, and regulated under French law.
Spiko is also the first European real-world asset issuer to launch on Solana.
What SAFO actually is
A money market fund is one of the safest investment vehicles in traditional finance, it pools money and invests in short-term, low-risk instruments, generating stable yields while keeping capital readily available.
SAFO does this using fully collateralized total return swaps with top-tier banks to deliver yields above risk-free benchmarks, with overnight liquidity.
SAFO is a tokenized sub-fund of SPIKO SICAV, a SICAV regulated under French law, designed to meet the treasury and collateral needs of corporates and financial institutions.
Subscriptions and redemptions settle directly in Circle’s USDC stablecoin, and Chainlink provides the infrastructure to record SAFO’s net asset value onchain, ensuring transparent, verifiable pricing. And Solana is now its latest blockchain home, and arguably its most significant, given the network’s scale and activity.
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Why Solana
Solana is one of the fastest and most widely used blockchains in the world, processing thousands of transactions per second at minimal cost. For a fund like SAFO, which processes an average of 500 deposit and redemption operations every day across 10,000 active users, as per data shared by Spiko, that speed and low cost is not a nice-to-have. It is a necessity.
Solana’s deep DeFi ecosystem also unlocks something traditional money market funds cannot offer, the ability for SAFO shares to be used as collateral in lending markets, in swaps, and across other onchain financial applications. That turns a simple cash management product into active, productive capital.
Spiko was founded in June 2023 and is regulated as a MiFID investment firm by France’s ACPR and AMF. CACEIS acts as depositary bank and fund administrator for SAFO.
