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SAFO: Amundi and Spiko’s Tokenized Overnight Swap Fund
A tokenized fund for institutions, announced March 2026
SAFO is a fund unveiled in March 2026 by Europe’s largest asset manager Amundi and the French tokenization platform Spiko. It uses swaps with banks to aim slightly above risk-free benchmark rates, and records ownership on blockchains.
1. A tokenized fund built by Amundi and Spiko
SAFO (Spiko Amundi Overnight Swap Fund) is a sub-fund of Spiko’s SICAV (a European structure where the fund is itself a company), announced on 18 March 2026. Amundi manages the investments, Spiko is tokenization platform and transfer agent, and CACEIS is depositary bank and administrator. Spiko is a French fintech that earlier offered tokenized funds investing in short-term government bills.
SAFO comes in euro, dollar, pound and Swiss franc versions. On the Crypto Nation map, SAFO stands in Arbitrum One City, because the SAFO token listed on the map was issued on Arbitrum One. Its shareholder register runs across several chains, starting with Ethereum and Stellar.
2. Total return swaps and overnight liquidity
SAFO earns its return through ‘fully collateralized total return swaps’ with banks. In a total return swap (TRS), one side passes an asset’s returns to the other for an agreed rate; ‘fully collateralized’ means collateral covers the risk of a counterparty failing. The dollar class aims to beat benchmarks such as the US effective federal funds rate (EFFR).
It keeps overnight liquidity, as its name says. Chainlink records the net asset value (NAV, the value of one fund share) on-chain, and the minimum subscription is as low as one euro or dollar. Subscriptions and redemptions go through Spiko and can be automated via API or smart contracts.
3. Uses and milestones
SAFO is presented as a cash-like product for companies and financial institutions to hold spare cash that can move 24 hours a day. At launch it was open to ‘eligible investors’, with plans to widen access through Spiko’s distribution network. Public descriptions do not say whether ordinary individuals can buy it without qualifying.
Spiko’s earlier tokenized funds centered on short-term government bills; SAFO adds returns from swaps. Unlike traditional funds that trade only on business days, its tokens can be moved around the clock, which also makes them easy to connect to DeFi (decentralized finance).
4. Things to know
SAFO is a fund share, not a bank deposit or stablecoin, so returns are not guaranteed and its net asset value can change. Swaps add risks such as a counterparty bank’s credit problems and changes in collateral value, and ‘fully collateralized’ does not remove risk entirely.
At launch only eligible investors could access it, so ordinary users may be unable to buy or may need identity checks. It also depends on Spiko as a single platform, on smart contracts and on oracles (services that bring outside data on-chain) such as Chainlink. Rules differ by country, so check availability.
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.