Coin columns · Ethereum City (Capital)
EUTBL: Spiko’s Tokenized Fund of Short-Term Euro Government Bills
A French-law UCITS money market fund on public blockchains
EUTBL puts shares of a money market fund investing in short-term eurozone government bonds onto blockchains. It was built by the French fintech Spiko, and it is a regulated fund share rather than a fixed-value stablecoin.
1. A euro T-bill fund inside a French SICAV
EUTBL is the Spiko EU T-Bills Money Market Fund, a sub-fund of SPIKO SICAV (a European structure where the fund is itself a company) under French law and the EU’s UCITS rules for funds open to ordinary investors. It is run by Twenty First Capital, a Paris management company authorized by the AMF, France’s regulator, with CACEIS as depositary bank.
The same SICAV also includes US and UK treasury-bill funds (USTBL, UKTBL) and the overnight swap fund SAFO. Ownership is recorded on public blockchains rather than a traditional securities depositary, with the register kept by Spiko Finance. On the Crypto Nation map, EUTBL stands in Ethereum City (the capital), because it was first issued on Ethereum.
2. Short-term bonds and a €STR target
The fund may invest up to all its assets in euro bonds and money-market instruments of eurozone governments, including bills, short bonds and repos (short loans against government bonds); bank deposits are capped at 10%. It aims to preserve capital and match or beat the compounded €STR, the euro short-term rate, after fees, over a recommended one-week holding.
As a short-term variable-NAV fund under EU rules, its share value (NAV) is not fixed at one euro and can change. Each token represents fund shares and can only be held in wallets allowlisted by the management company. The fund may hold the euro stablecoin EURC solely to settle subscriptions and redemptions.
3. Uses and milestones
The prospectus says the SICAV’s shares are recorded on seven public networks: Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink and Stellar. Investors can hold the same fund shares in wallets on the chain they already use, and the minimum subscription is one euro.
Spiko announced a Series A funding round in July 2025 to scale its tokenized money market funds. In March 2026 it added SAFO to the same SICAV with Amundi, widening the range from government bills to bank swaps. EUTBL is a cash-management fund, not a payment currency.
4. Things to know
EUTBL is a fund share, not a bank deposit or stablecoin, and the prospectus says there is no guarantee that capital will be returned. Listed risks include government credit, interest rates, management decisions, repo counterparties, and blockchain and wallet use; an EU exception also lets it concentrate in one country’s bonds.
Matching the €STR is an objective after fees, not a promise, and falling market rates would cut returns. Holding is limited to allowlisted wallets, and the product relies on Spiko as one platform and on smart contracts. The prospectus lists ‘all investors’ as eligible, but real access depends on onboarding steps and local rules.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.