Mentioned in This Article
1. Spiko claims the top spot in tokenized funds
Spiko, a French fintech company, says its Spiko Amundi Overnight Swap Fund (SAFO) held about $2.39 billion in assets under management at the end of October 2026, making it the largest tokenized fund in the world. The milestone puts the fund ahead of BlackRock's BUIDL and Circle's USYC, each of which manages more than $2 billion.
The company published the claim in a post on its own website, setting out how SAFO had moved past the two better-known products during October. Circle's USYC is formally named the Hashnote International Short Duration Yield Fund Ltd, while BUIDL is the blockchain-based fund that BlackRock, the world's largest asset manager, has turned into one of the most cited examples of tokenized finance.
For a company that many people in the digital asset industry have never heard of, the ranking is a striking development. It suggests that a European product built under traditional fund rules can compete on scale with the flagship offerings of American financial giants in one of the fastest growing corners of the crypto market.
2. What is Spiko?
Spiko is a French fintech platform that issues money market funds on public blockchains, structured under the European Union's UCITS framework. Its products give holders a digital token that represents a share in a regulated fund invested in very short-term, low-risk instruments.
UCITS, which stands for Undertakings for Collective Investment in Transferable Securities, is the body of EU rules that governs how mutual funds and exchange-traded funds are set up, run and sold to the public. A fund that meets UCITS standards can be marketed to retail investors across borders within the bloc, which is why the label is widely regarded as a mark of investor protection in Europe.
By putting UCITS-compliant money market funds on a blockchain, Spiko combines two worlds. The underlying portfolio follows the same rules as a conventional European fund, while the shares can move as tokens, settle quickly and be held in digital wallets alongside other onchain assets.
The company was co-founded in June 2023 by Paul-Adrien Hyppolite, who serves as chief executive, and Antoine Michon. Before starting Spiko, Hyppolite was deputy head of the financial markets division at the French Treasury, giving the firm a founder with direct experience of how state debt markets and public finance operate.
3. How SAFO was built with BNP Paribas and Amundi
SAFO went live roughly seven months ago, developed together with French banking group BNP Paribas and Amundi, Europe's largest asset manager. The involvement of two of the most established names in French finance gave the product institutional backing from the start, even though Spiko itself was still a young company.
As its name indicates, the fund follows an overnight swap strategy, a cash-management approach designed to deliver returns close to short-term interest rates while keeping risk and price swings very low. Products of this kind are meant to behave like cash: holders expect stability and quick access to their money rather than capital growth.
Spiko's growth has accelerated sharply in recent months. Over the past three months, SAFO and the company's other assets expanded by roughly 30% a month, while the number of investors rose by about 18% a month. The firm now counts more than 10,000 legal entities and individuals among its investors.
4. Why tokenized cash products matter to institutional crypto
Tokenized versions of cash-like instruments, such as funds that hold highly liquid Treasury bills, have become a central building block for institutions active in digital assets. They let traders, treasuries and protocols park idle money in an asset that earns a yield yet can still be moved on a blockchain at any hour.
That combination addresses a long-standing problem. Stablecoins are easy to move but generally pass no interest to holders, while traditional money market funds pay a return but settle through slower banking channels. A tokenized fund sits between the two, offering yield with onchain portability.
Large American asset managers have drawn most of the attention in this market. BlackRock and Franklin Templeton have both launched blockchain-based funds that are regularly held up as proof that Wall Street is taking tokenization seriously. Spiko's claim that a French fund has overtaken BUIDL challenges the assumption that the biggest products in this field will necessarily come from the United States.
5. A French company still building its name
Hyppolite acknowledges that Spiko remains relatively unknown, and he links this partly to the company's origins. He has described the business as very French, noting that it began in France and grew there first before looking abroad.
He has also pointed to the usual hurdles facing a young firm. Without a long operating history or a famous brand, Spiko is still in the process of building recognition, even as its fund has grown to a size that rivals products backed by some of the most powerful institutions in global finance.
The contrast is notable. BlackRock's name alone carries enormous weight with investors, and Circle is widely known as the issuer of the USDC stablecoin. Spiko has reached a comparable scale with far less public profile, relying instead on regulated fund structures and partnerships with established French financial firms.
6. Europe's gap in money market funds
Hyppolite sees a large opportunity for tokenized money market funds in Europe, where such funds hold only a small fraction of the money that sits in ordinary bank deposits. In his view, much of the cash held by European companies and households has not yet moved into products that pay market rates.
The comparison with the United States illustrates the scale of that gap. American money market funds hold about $8 trillion, equal to roughly 40% of the country's bank deposits, which total somewhere between $16 trillion and $18 trillion. In Europe, the share of savings held in money market funds relative to bank deposits is far lower.
Hyppolite has said he is convinced that this will change and that Europe will eventually catch up with the United States. If that shift happens, and if a meaningful portion of it runs through tokenized products, firms like Spiko would be positioned to capture a market far larger than the one they serve today.
The argument rests on a simple observation. Money left in a bank deposit often earns little, while a money market fund passes short-term interest rates through to its holders. When that fund also exists as a token, it can be used for payments, collateral and settlement on blockchain networks, which adds a layer of utility that a conventional deposit lacks.
7. Fresh funding and a growing valuation
Spiko's rise in assets has been accompanied by new capital. In October 2026, the company raised $90 million in a funding round that valued it at about $800 million.
The raise gives the firm resources to expand its team, add products and pursue the international growth it has outlined. It also signals investor confidence that tokenized cash management can become a substantial business rather than a niche experiment.
The timing coincides with the period in which SAFO moved past BUIDL and USYC, a sequence that strengthens the company's case to clients and partners that it can operate at institutional scale.
8. Spiko's expansion: London now, the United States next
Spiko is working to reduce its reliance on its home market. The company's expansion into London is already underway, and the British capital now serves as its main office alongside Paris. SAFO has also been registered with the UK Financial Conduct Authority (FCA), the regulator that oversees financial firms and markets in Britain.
Registration with the FCA is an important step for a fund that wants to reach British investors, because it brings the product within the oversight of the country's financial watchdog. London remains one of the world's largest centers for asset management and institutional trading, making it a natural next base for a European fund manager.
The United States is also on the company's radar. Hyppolite has said Spiko is studying the American market, though nothing has been decided yet, and that the firm aims to potentially expand there in 2027.
A move into the United States would put Spiko in direct competition with BlackRock, Franklin Templeton and Circle on their home ground, in a market where money market funds already hold trillions of dollars. For now, the company's focus remains on consolidating its position in Europe and the United Kingdom while it decides whether, and how, to cross the Atlantic.
9. What the ranking says about tokenization news in 2026
Spiko's claim adds an unexpected name to the top of the tokenized fund rankings. Much of the tokenization news in 2026 has centered on large American institutions, yet the current leader by assets is a French company that is little more than three years old.
The development shows that regulated fund structures such as UCITS can serve as a launchpad for onchain products, and that partnerships with established banks and asset managers can help a young firm grow quickly. It also highlights how competitive the market for tokenized cash has become, with several products now holding more than $2 billion each.
Whether Spiko can hold its lead will depend on how fast rival funds grow and on whether its plans for the United Kingdom and, potentially, the United States succeed. What is already clear is that the race to tokenize the world's cash is no longer a contest among American firms alone.