Spiko EU T-Bills Money Market Fund (EUTBL) is a tokenised money market fund managed by Spiko, a French, AMF-authorised asset manager that puts investor capital almost entirely into short-dated euro-denominated government debt. Rather than promising a fixed peg like a stablecoin, EUTBL represents a share in a regulated fund whose value rises gradually as the underlying T-bills earn interest, giving on-chain holders direct exposure to euro risk-free rates without leaving the blockchain.
How Spiko's EUTBL works
Each EUTBL token tracks the net asset value of Spiko's underlying money market fund, so instead of rebasing or paying out separate yield, the token's own price simply appreciates over time as the fund earns interest on its T-bill holdings. Spiko operates under genuine EU fund regulation, not an offshore wrapper, and the fund is structured to hold high-quality, short-maturity government paper, which is about as close to 'risk-free' as fixed income gets. EUTBL has been positioned as usable collateral in on-chain lending markets, letting DeFi protocols and treasuries hold euro-denominated, yield-bearing exposure that behaves more like a money market fund than a speculative crypto asset.
Risks
EUTBL is not a stablecoin and shouldn't be treated as one: its value floats with prevailing euro interest rates, so if the European Central Bank cuts rates, the yield embedded in the token's appreciation falls too, and there's no promise of a fixed one-to-one redemption value. Investors are also exposed to fund-administration and counterparty risk — redemption ultimately depends on Spiko's off-chain operations, custodians and banking relationships functioning correctly, and on Spiko retaining its regulatory authorisation. On top of that sits ordinary smart contract and bridging risk wherever the token is wrapped or moved across chains, and access is generally restricted to eligible, KYC'd investors under the fund's regulatory terms rather than open to anyone with a wallet.
EUTBL is one of the cleaner examples of real-world-asset tokenisation done through an actual regulated fund structure, but 'government bonds' still means 'not zero risk,' and the operational plumbing behind the token matters as much as the collateral inside it.