Spiko Amundi Overnight Swap Fund

safo
Rank #191•Decentralized Finance (DeFi), Tokenized Assets, Polygon Ecosystem
CoinYQ Dossier

A cash fund learned a second way to supply cash

Spiko had already put Treasury-bill fund shares on blockchains when Amundi joined it to launch SAFO in March 2026. The new product changed what earned the return; four months later, a euro lending market changed how investors could obtain cash from the shares. The SAFO ticker here identifies the dollar class, so the fund’s expanding uses cannot be treated as identical across currencies.

The Treasury-bill platform came first

Paul-Adrien Hyppolite and Antoine Michon founded Spiko in 2023. Its June 12, 2024 launch brought separate euro and dollar Treasury-bill funds to users who could subscribe in small amounts and hold shares in blockchain wallets. Spiko’s initial intervention was distribution and record-keeping: the underlying return still came from government debt.

On March 19, 2026, Spiko and Amundi launched a different sub-fund, SAFO. The launch offered EUR, USD, GBP and CHF classes and placed the register on Ethereum and Stellar. Smart Cash became the product name; the dollar class uses SAFO, while the euro class uses eurSAFO. Keeping those identities separate matters when an address or a lending announcement refers to only one class.

Amundi changed the engine behind the balance

SAFO could hold securities, including equities, without seeking their ordinary equity-market return. The fund passes portfolio gains and losses to a bank through a total-return swap and receives an overnight benchmark plus a spread. Spiko identifies BNP Paribas as the counterparty and explains the spread as payment for giving the bank economic exposure without the same direct securities holding.

That arrangement changed the risk behind the cash-management label. CACEIS holds the fund’s securities and business-day resets limit outstanding swap exposure, but the hedge depends on the counterparty performing. The official KID warns that default can restore market and currency exposure and that capital can be lost. The extra yield is a contractual investment strategy, not a consequence of blockchain settlement.

The token carried a shareholder register with rules

The legal structure remained important as the register expanded. Twenty First Capital is the management company, Amundi the investment delegate, and Spiko the register operator. The September 2026 prospectus expressly gives shareholders proportional rights in UCITS assets and one vote per share. A wallet transfer therefore changes who holds that fund-share position.

Transferability still has a boundary: wallets must be authorized. The public EVM implementation supports restricted issuance, destruction, pauses, contract-owner resets and upgrades; its permission manager can change access requirements. Meanwhile redemption follows fund dealing hours and can be capped in exceptional circumstances. More supported networks do not turn a fund order into an unconditional, round-the-clock cash payment.

July added borrowing without selling

On July 22, 2026, Spiko announced that Steakhouse Financial was launching a Morpho market for borrowing SG-FORGE’s EUR CoinVertible against SAFO shares. CACEIS calculates the fund value and Chainlink publishes it on-chain, allowing a lending contract to use the share as collateral. The announcement described a euro market; other currency markets were a next step.

This gave the investment a second route to liquidity. Redemption sells down the holding; borrowing keeps the share exposed to the fund while adding debt, an oracle valuation and automatic collateral sales if the safety buffer is exhausted. SAFO’s development therefore joined two clocks: the fund’s business-day dealing cycle and a lending market that can react at any hour.

How the project changed

  1. 2023
    Spiko is founded

    Hyppolite and Michon build a platform for issuing and distributing tokenized financial instruments.

  2. 2024-06-12
    Treasury-bill funds precede SAFO

    Separate euro and dollar government-debt funds establish the distribution and register infrastructure.

  3. 2026-03-19
    Amundi and Spiko launch SAFO

    The swap sub-fund starts with four currency classes and an Ethereum/Stellar register.

  4. 2026-07-22
    A euro lending market is announced

    Steakhouse’s Morpho market adds borrowing EUR CoinVertible against fund shares, with collateral liquidation mechanics.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Spiko Amundi Overnight Swap Fund?

SAFO is the token symbol for Spiko Dollar, the USD share of the Spiko Amundi Overnight Swap Fund, marketed as Smart Cash. Its ISIN is FR0014015LE1 and its Ethereum address is 0xcbade7d9bdee88411cb6cbcbb29952b742036992. The euro class is separately named eurSAFO. These are shares in a French UCITS sub-fund of SPIKO SICAV, not units of Spiko’s older Treasury-bill funds.

Twenty First Capital is the management company, Amundi the delegated investment manager, CACEIS Bank the depositary, CACEIS Fund Administration the accountant, and Spiko the distributor and shareholder-register operator. The share gives a proportional ownership right in UCITS assets and a vote per share under the prospectus. It is neither a fixed-dollar deposit nor a direct claim against the swap bank.

What problem does Spiko Amundi Overnight Swap Fund solve?

Spiko’s first products made Treasury-bill fund shares easier to subscribe for, hold and transfer. SAFO kept that distribution infrastructure but changed the source of return: a bank receives the performance of the fund’s securities and pays an overnight rate plus a spread. That extra spread compensates a different economic relationship; it does not arise merely because the share is a token.

The next use was liquidity without selling the investment. A July 2026 euro lending market let users pledge SAFO fund shares to borrow a separate stablecoin. Transfer, fund redemption and collateral borrowing solve different cash needs and carry different timing and loss mechanisms.

How does Spiko Amundi Overnight Swap Fund work?

The fund owns securities held at CACEIS and exchanges their returns through total-return swaps with bank counterparties. Spiko names BNP Paribas and describes a reset each business day. This seeks to replace securities-market exposure with overnight-rate returns, but a default can expose the fund to the underlying assets and residual currency risk. The USD class accumulates income in its share value rather than promising a fixed token balance increase.

Fund dealing follows the prospectus: orders are cleared by 3 p.m. Paris time, with ordinary redemption settlement on D+1 business day and currency-market holiday adjustments. Eligible investors can subscribe from one currency unit under the launch terms, but U.S. Persons are excluded and exceptional redemption caps can apply. A wallet transfer between authorized addresses is a separate legal transfer of shares.

The reviewed EVM code restricts minting, burning, pausing, contract-owner reset and implementation replacement through a permission manager. Both ends of an ordinary transfer need authorization; administrators can change the required permissions. This is the published code’s capability, not a reconstruction of every live role or every non-EVM deployment.

Key facts

  • SAFO identifies the USD share, ISIN FR0014015LE1; eurSAFO is the separate euro share.
  • Ethereum SAFO: 0xcbade7d9bdee88411cb6cbcbb29952b742036992.
  • The fund launched on 19 March 2026 with EUR, USD, GBP and CHF classes; later prospectus listings are broader than that launch set.
  • Twenty First Capital manages the SICAV; Amundi manages SAFO’s investments by delegation; CACEIS and Spiko perform custody, accounting and registry functions.
  • The fund owns its securities and uses bank swaps to seek an overnight benchmark plus a spread. Income is accumulated in share value.
  • The 1 September 2026 prospectus gives an annualized objective over three months of the currency benchmark plus 0.50%, less class fees. This is a target, not guaranteed performance.
  • The website still lists a USD benchmark of SOFR + 0.25% and a SOFR + 0.40% performance snapshot dated 10 July; the 29 July USD KID instead describes a net SOFR + 0.50% objective. These figures and fee treatments are not interchangeable.
  • The prospectus gives proportional ownership of UCITS assets and one vote per share; it does not make the holder a shareholder of Amundi or Spiko.
  • Ordinary redemption has a 3 p.m. Paris cut-off and D+1 business-day settlement, with holiday and exceptional-cap conditions. Authorized token transfers can operate outside that dealing timetable.
  • The July 22 Morpho announcement concerns borrowing EUR CoinVertible against fund shares. It does not establish a live USD borrowing market.
  • The September prospectus lists Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, Stellar and Solana for the register. That later scope must not be backdated to the two-network launch.

Official links

Official websiteWhitepaperBlock explorerX / TwitterGitHub

Categories

Decentralized Finance (DeFi)Tokenized AssetsPolygon EcosystemArbitrum EcosystemEthereum EcosystemReal World Assets (RWA)Base EcosystemStarknet Ecosystem

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Frequently asked questions

Is SAFO a dollar stablecoin?

It is a USD-denominated fund share whose value reflects the fund, with accumulated income. It is not a promise to redeem one token for exactly one dollar, and investors can lose capital.

Where does the extra return come from?

A total-return swap passes the securities portfolio’s performance to a bank in exchange for an overnight benchmark plus a spread. The fund keeps ownership of the securities, but counterparty default can break the intended hedge.

Which yield figure applies?

The latest reviewed prospectus, dated 1 September 2026, states an annualized benchmark + 0.50% less class fees objective over three months. The 29 July USD KID calls SOFR + 0.50% a net objective, while the website retains a +0.25% benchmark and a dated +0.40% performance observation. The sources are not fully aligned; none is a guaranteed return. The cost disclosures differ too: the July KID estimates annual management and other administrative costs at 0.09%, while the September prospectus lists 0.25% management fees for the USD class plus operating expenses of up to 0.10%. These dated figures should not be treated as an identical fee schedule.

What legal rights travel with a token?

The prospectus gives shareholders proportional UCITS asset ownership and one vote per share. An authorized wallet transfer transfers those fund shares. That does not permit an individual holder to take specific portfolio securities or command the swap bank.

Can I turn SAFO into cash at any time?

A transfer, a redemption and a loan are different actions. Standard redemption follows the Paris cut-off, business-day settlement and possible caps. The July euro Morpho market offers collateral borrowing with debt and liquidation risk; it should not be assumed available for every currency class.

Is supply fixed or freely transferable?

The published token has restricted issuance and destruction functions rather than a fixed allocation schedule. Ordinary transfers require authorized sender and recipient addresses. Permission-manager powers and contract upgrades remain operational controls.

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