Europe’s largest tokenized money market fund has landed in Solana, bringing institutional-grade cash management to one of cryptocurrency’s most active blockchains.
Spiko, a European fintech company licensed and supervised by the French financial regulator, leveraged SAFO funds to bring Solana to life.
SAFO, which stands for Spico Amundi Overnight Swap Fund, is a UCITS-compliant money market fund managed by Amundi, Europe’s largest asset management company, and regulated under French law.
Spiko is also the first European real asset issuer to launch on Solana.
What actually is SAFO
Money market funds are one of the safest investment vehicles in traditional finance, pooling money and investing in short-term, low-risk instruments to generate stable yields while keeping capital readily available.
SAFO achieves this using fully collateralized total return swaps with top banks, delivering yields that outperform risk-free benchmarks with overnight liquidity.
SAFO is a tokenized sub-fund of SPIKO SICAV, a SICAV regulated under French law, designed to meet the financial and collateral needs of companies and financial institutions.
Subscriptions and redemptions will be settled directly in Circle’s USDC stablecoin, and Chainlink will provide the infrastructure to record SAFO’s net asset value on-chain, ensuring transparent and verifiable pricing. And Solana is now its newest blockchain home, and perhaps the most important given the network’s size and activity.
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Why Solana?
Solana is one of the fastest and most widely used blockchains in the world, processing thousands of transactions per second at minimal cost. That speed and low cost is not good for a fund like SAFO, which processes an average of 500 deposit and redemption operations every day for 10,000 active users, according to data shared by Spiko. It’s a must have.
Solana’s deep DeFi ecosystem also unlocks something that traditional money market funds cannot offer: the ability to use SAFO shares as collateral across lending markets, swaps, and other on-chain financial applications. This turns a simple cash management product into active, productive capital.
Spico was founded in June 2023 and is regulated as a MiFID investment company by France’s ACPR and AMF. CACEIS acts as SAFO’s deposit bank and fund manager.
