Spiko Finance says its French-law Spiko Amundi Overnight Swap Fund ranks first worldwide among tokenized funds by assets under management, while Blockworks Advisory has proposed using it in Ethena’s USDe backing.
SAFO is a French-law subfund marketed under the name Smart Cash. Its swap structure links an asset basket to a return based on an overnight rate. In a March 19 announcement, Spiko and Amundi named Amundi to oversee the investment portfolio and Spiko to manage tokenization and the shareholder register.
Blockworks Advisory sits on Ethena’s Risk Committee. Its proposal would allow up to $500 million of SAFO in USDe’s backing through Dec. 31, 2026, with a $1 billion ceiling in 2027. The limits remain proposed.
Spiko says the structure lets banks gain exposure without holding the underlying assets on their balance sheets. The prospectus places fund fees and, where applicable, token-transfer fees on investors. Spiko says the underlying swap strategy has been used since 2014.
