Amundi, Europe’s largest asset manager by assets under management, has quietly taken a decisive step into onchain finance with the launch of the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized cash-equivalent product designed to move at blockchain speed while retaining the characteristics of a traditional safe haven. The fund debuts with approximately €100 million (about $100 million) in committed assets and is structured under the French-regulated SPIKO SICAV framework.
Dual-Chain Architecture: Ethereum + Stellar
SAFO is built on both Ethereum and Stellar blockchains, a deliberate choice that leverages the strengths of each network. Ethereum provides smart contract functionality and compatibility with decentralized finance (DeFi) protocols, while Stellar offers faster and lower-cost transaction rails, giving institutional users flexibility depending on their operational needs. The shareholder register is maintained natively onchain, enabling continuous, 24/7 transferability of fund shares without the constraints of traditional market hours or settlement delays.
Infrastructure Powered by Chainlink
Pricing and cross-chain coordination are driven by Chainlink, which supplies automated onchain net asset value (NAV) reporting and synchronizes data between networks. This multi-chain setup is becoming increasingly critical as tokenized funds expand across different blockchains. Amundi had previously experimented with tokenized share classes in November 2025, but SAFO represents a more ambitious iteration—a purpose-built, multi-chain fund engineered for programmability and real-time settlement rather than a simple digital wrapper of an existing product.
Investor Access and Operational Details
The fund is designed for professional and institutional investors. Subscriptions and redemptions are available in major currencies including the euro, U.S. dollar, British pound and Swiss franc, with entry thresholds as low as one unit—a nod to accessibility even within a product aimed at institutional participants. SAFO provides overnight liquidity and yields that aim to exceed risk-free benchmarks through fully collateralized total return swaps with major banking counterparties. Behind the scenes, Spiko acts as transfer agent and tokenization platform, while CACEIS serves as depositary and administrator, ensuring the fund remains anchored in traditional financial safeguards.
Strategic Significance and Industry Context
Jean-Jacques Barbéris, head of institutional and corporate clients and ESG at Amundi, stated: “SAFO provides professional investors with a fast and transparent access to cash management solutions. This initiative is part of our ambition to contribute to the rise of tokenized solutions.” The timing is noteworthy: tokenized real-world assets (RWAs), particularly money market and treasury-linked products, have gained significant traction across 2025 and into 2026. SAFO slots neatly into that narrative, offering a bridge between legacy finance and programmable assets—something that could eventually extend beyond treasury management into collateral use cases or integration with DeFi protocols.
Of course, the model carries risks: smart contract vulnerabilities, evolving custody standards, and jurisdictional nuances remain part of the equation. However, the fund’s regulated European structure and reliance on established financial partners aim to mitigate those concerns. The direction is clear: tokenization is no longer a pilot project. With a $100 million opening act and infrastructure designed for scale, Amundi is signaling that the next generation of cash management may look less like a bank ledger and more like a blockchain transaction—settled before most desks have finished their morning coffee.