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Amundi and Spiko said on March 19 that they had launched the Spiko Amundi Overnight Swap Fund, or SAFO, as a tokenized sub-fund of SPIKO SICAV for treasury and collateral management in France. In the joint announcement, Amundi is acting as delegated investment manager while Spiko handles tokenization, transfer-agent functions, and brokerage. The French market regulator's certificate for SPIKO SICAV shows SAFO as sub-fund SCV20260075 and describes the umbrella vehicle as a UCITS/OPCVM established under the French Monetary and Financial Code and the AMF General Regulation.
How the operating model works
The shareholder register is hosted on Ethereum and Stellar, while CACEIS Bank serves as depositary and fund administrator and Chainlink provides on-chain NAV infrastructure. Spiko said SAFO uses fully collateralized total return swaps with bank counterparties and is available through its platform, with subscriptions and redemptions in EUR, USD, GBP, and CHF from one unit of each currency.
Regulatory framework — existing, not new
This is not a new regulatory regime or sandbox approval. The structure sits within France's existing UCITS framework, with SPIKO SICAV managed by Twenty First Capital — which the AMF certificate identifies as an AMF-authorized management company. Spiko Finance states that it is licensed by the ACPR as an investment firm.
Building on prior tokenized-fund work
The launch extends a sequence of earlier tokenized-fund activity. CACEIS said in October 2024 that it had processed subscriptions for Spiko's tokenized French UCITS money-market funds on a public blockchain. Amundi separately announced in late 2025 that it had tokenized a share class of its Cash EUR fund with CACEIS infrastructure.
What it means — and what remains unconfirmed
In practice, the launch affects asset managers, transfer agents, custodial and fund-administration providers, and eligible investors using tokenized fund rails — because it combines a regulated French fund wrapper with public-blockchain recordkeeping and API or smart-contract access.
One point remains unresolved: several secondary reports referred to a "$100 million" launch, but that figure does not appear in the primary Amundi announcement or the AMF certificate reviewed. The confirmed public facts at this stage are the fund launch, its French UCITS status, and the roles of the named service providers.
