Coin columns · Arbitrum One City
EURSAFO: The Euro Class of Amundi and Spiko’s Overnight Swap Fund
Euro version of a tokenized fund, unveiled March 2026
EURSAFO is the euro version of SAFO, the Spiko Amundi Overnight Swap Fund unveiled in March 2026 by Europe’s largest asset manager Amundi and the French tokenization platform Spiko. It uses bank swaps to aim above risk-free rates, and it is a regulated fund share, not a deposit or stablecoin.
1. A tokenized fund from Amundi and Spiko, in euros
SAFO (Spiko Amundi Overnight Swap Fund) is a tokenized sub-fund of SPIKO SICAV, a French-law investment company (a SICAV, a European structure where the fund is itself a company). Amundi is the delegated investment manager, Spiko is the tokenization platform, transfer agent and broker, and CACEIS is depositary bank and administrator.
The fund comes in euro, dollar, pound and Swiss franc versions, and EURSAFO is the euro one; the dollar version has its own SAFO token. On the Crypto Nation map, EURSAFO stands in Arbitrum One City, because the EURSAFO token listed on the map was issued on Arbitrum One.
2. Total return swaps and overnight liquidity
The fund earns its return through ‘fully collateralized total return swaps’ with large banks. In a total return swap (TRS), one side passes an asset’s returns to the other for an agreed rate, and ‘fully collateralized’ means collateral covers the risk of a bank failing to pay. It aims for stable returns above risk-free benchmark rates while keeping overnight liquidity.
At launch the shareholder register was announced on Ethereum and Stellar, with more networks to follow as demand grows, and the token is now also used on other networks such as Arbitrum One. Chainlink records the net asset value (NAV, the value of one fund share) on-chain. Subscriptions and redemptions start from as little as one euro and can be automated through an API or smart contracts.
3. Uses and milestones
EURSAFO is presented as a way for companies and financial institutions to hold spare euro cash in a form that can move around the clock. Amundi called it fast, transparent cash management for professional investors. At launch it was offered to ‘eligible investors’ through Spiko, with plans to widen access through Spiko’s API-based distribution network.
Spiko earlier built tokenized money-market funds investing in short-term government bills; SAFO adds returns from bank swaps. The March 2026 launch was reported as Amundi debuting a tokenized fund on Ethereum and Stellar, with shares that can move around the clock.
4. Things to know
EURSAFO is a fund share, not a bank deposit or stablecoin, so returns are not guaranteed and its net asset value can change. Swaps add bank credit and collateral risks, and ‘fully collateralized’ does not remove risk entirely. Lower market rates could reduce expected returns, and fees and the euro class’s exact target are not stated in the public summary, so official documents should be checked.
Access is limited to eligible investors, so ordinary users may be unable to buy or may need identity checks. The product also depends on Spiko as a single platform, on smart contracts and on an oracle (a service that brings outside data on-chain) such as Chainlink. Rules differ by country, so availability should be checked.
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.