Spiko SAFO Tokenized Cash Fund Hits $2.38B in Assets

Spiko reported $2.38 billion in assets for the Spiko Amundi Overnight Swap Fund, or SAFO, in an issuer announcement dated October 29. The figure reflects data as of October 23 and highlights the growing role of tokenized investment products in business cash management.

Fund Structure and Ownership

SAFO utilizes a fund structure rather than a bank deposit. Investors own shares whose rights and risks are defined by fund documents, including a prospectus and currency-specific key information documents provided by Spiko. The product uses a securities portfolio and total return swaps to target an overnight rate plus a spread.

Tokenized shares record an interest in the fund, while the blockchain serves as the medium for recording ownership rather than the source of the underlying investment return. This distinction separates the economics of the investment from how ownership is recorded, transferred, and connected to other systems. A more convenient ownership record can improve distribution or servicing without altering the risk of the portfolio.

Redemption Mechanics and Network Records

Tokenized ownership and cash redemption are described as separate functions. For business treasuries, the availability of spendable money is the critical outcome, rather than the speed at which a fund token changes hands. Instant withdrawal features may have limits, currencies, and operating conditions that vary by request size, with published terms determining which process applies to a specific transaction.

Spiko reports that a substantial portion of SAFO’s records are represented on the Stellar network. This indicates where the shares are recorded but should not be interpreted as a matching amount of cash invested in Stellar’s native asset. Fund comparisons depend on the assets included, valuation dates, and definitions used, making the dated asset figure and product structure more useful starting points than ranking claims.