Amundi, Europe’s largest asset manager, is launching Spiko Amundi Overnight Swap Fund (SAFO), a tokenized fund on Ethereum and Stellar starting with approximately $100 million in committed assets.
Traditional fund with tokenized wrapper
Historically, institutions associated with TradFi have found ways to keep up with the crypto curve for tokenized assets. In a statement published on Amundi’s website, the investment fund announced its collaboration with Spiko, a professional tokenization platform regulated by French law, to launch SAFO as a tokenized sub-fund of SPIKO SICAV.
𝗟𝗜𝗩𝗘: Amundi (€2.3 trillion AUM), Europe’s largest asset manager, and Spiko are launching a new tokenized mutual fund (SAFO) powered by Chainlink.
Chainlink is how the world’s leading institutions and tokenization platforms unlock the issuance and distribution of tokenized funds. pic.twitter.com/2GQshwqCrC
— Chainlink (@chainlink) March 19, 2026
Structurally, SAFO is a traditional fund with a tokenized wrapper. It is designed for corporate treasury and collateral management, “on-chain cash parking” with low risk and next-day liquidity. The fund invests using fully collateralized total return swaps with top-tier banks and aims to provide stable returns slightly above the risk-free rate, while allowing investors to get their money back overnight. Various currencies (EUR, USD, GBP, CHF) are supported and subscriptions start from 1 unit. This is very low compared to institutional grade cash products.
The company emphasized that the fund enables near-instant settlements, supports multiple ways to hold assets, provides real-time visibility into shareholder registers, and allows fund shares to move globally around the clock through automated access via APIs or smart contracts.
In a statement, Jean-Jacques Barbéris, head of institutional and corporate clients and ESG at Amundi, said:
SAFO provides professional investors with fast and transparent access to cash management solutions. This plan is part of our ambition to contribute to the advancement of tokenized solutions.
Where Ethereum Comes In
The shareholder register and fund shares are on Ethereum and Stellar, Ethereum was chosen for its smart contract and DeFi configurability, while Stellar supports faster and cheaper transfers and 24/7 transferability of funds units. Chainlink’s data provider network places SAFO’s treasury value directly on the blockchain and acts as a connector between Ethereum, Stellar, and existing systems. This provides tokenized funds a secure and standardized way to share information and builds on tests Chainlink has already run with DTCC and other leading institutions.
SAFO is Amundi’s second tokenized fund in as many months. Last November, as reported, the fund teamed up with CACEIS, one of Europe’s leading asset service providers and money transfer agents, to launch a share class of a tokenized money market fund on Ethereum.
Amundi’s new venture expands the universe of tokenized money market products from players such as BlackRock and Franklin Templeton, the world’s largest asset managers, and strengthens Ethereum’s position as the primary payment layer for institutional RWAs.
The €2.3 trillion currently tied to Ethereum and Chainlink solidifies the thesis that the next phase of the cryptocurrency cycle will be driven by tokenized cash, bonds and funds rather than purely speculative DeFi.
ETH trades for $2k on the daily chart. Source: ETHUSDT on Tradingview
Cover image by Perplexity, ETHUSDT chart by Tradingview
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