The Spiko Amundi Overnight Swap Fund (EUR), tokenised as EURSAFO, is an on-chain share class of a regulated European money-market fund, giving crypto wallets exposure to euro overnight interest rates rather than to US Treasuries — the more common flavour of tokenised cash on-chain.
What it does
Spiko is a French fintech, founded by former French Treasury and economic-policy staff, that partners with Amundi — Europe's largest asset manager — to tokenise money-market funds. EURSAFO tracks a fund that swaps into overnight EUR exposure, targeting a return close to the €STR benchmark rate minus fees, and mints that exposure as an on-chain token that moves and settles like any other digital asset.
Spiko is authorised by the French AMF and structures the product to sit within the EU's evolving fund and MiCA frameworks, aiming at professional and qualified investors first rather than a retail free-for-all. The pitch is straightforward: park euro-denominated cash on-chain, earn a rate benchmarked to the ECB deposit facility, and move it between DeFi protocols or treasuries without cashing out to a bank account.
Risks
This is not a stablecoin and its price is not meant to be flat — the token's value accrues yield over time rather than sitting pegged at €1, so treat it as a fund share, not cash. Redemption and settlement still lean on traditional fund infrastructure and Amundi's operational rails behind the token, meaning on-chain speed doesn't fully escape T+1 or T+2 style settlement realities in stress scenarios.
Access is currently restricted to professional or qualified investors in most jurisdictions, so liquidity and secondary-market depth are thin compared with a household-name stablecoin. As with any tokenised real-world asset, holders are trusting Spiko's smart-contract and custody layer on top of Amundi's fund management — two counterparties instead of one, and a young combination of TradFi and on-chain infrastructure that hasn't been stress-tested through a genuine credit event.