Key Highlights
- Amundi and Spiko launched SAFO, a tokenized fund built on Ethereum and Stellar.
- The fund’s on-chain NAV is powered by Chainlink, which provides real-time, transparent value.
- The fund shows that tokenized funds are being used for real business work, not just for investing.
Amundi, Europe’s largest asset manager, together with Spiko, a tokenization platform, has launched a new tokenized fund on the Ethereum and Stellar blockchains.
The fund, called Spiko Amundi Overnight Swap Fund (SAFO), is designed to help financial institutions manage cash and collateral, according to the official announcement.
The fund starts with $100 million in committed assets and is available in four currencies: euro, U.S. dollar, pound sterling, and Swiss franc.
Fast cash and management features for investors
According to the company, SAFO functions like a regular fund but is tokenized. It is fully backed by total return swaps with top-tier banks to generate returns above risk-free benchmarks while keeping the cash available overnight.
The company said investors can buy or sell from as little as one unit of each currency. Amundi manages the fund as the delegated investment manager, while CACEIS takes care of the fund administration and depositary work.
In addition, SAFO offers near-instant settlement and flexible custody options. The firm also said investors get 24/7 borderless transfers and can access the fund using APIs or smart contracts, which makes it easy to link with other digital systems.
The fund uses a dual-chain system, which means Ethereum supports the smart contracts as well as decentralized finance, while Stellar allows investors to access fast and cheap transfers.
Real-time NAV with Chainlink
Chainlink powers the fund’s net asset value (NAV). This means that the fund’s value is recorded on the blockchain in real time, and anyone can access it. This is expected to make it transparent.
Chainlink also helps the fund work smoothly across the blockchain. Investors can connect to the fund using APIs to link it to other digital systems and make their operations easier and programmable.
Broader context
Tokenized funds are becoming more popular because they make financial operations faster, clearer, and programmable.
The tokenization of real-world assets rose from $15.2 billion at the start of 2025 to nearly $52 billion by March 2026. According to analytics, Ethereum currently leads this market with $15.7 billion.
Amundi’s SAFO fund is part of this trend, showing how regulated tokenized funds are moving beyond simple investment products to help with actual business operations, such as treasury operations. For Amundi, this is part of its broader plan to leverage digital assets across Europe.
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