Spiko EU T-Bills Money Market Fund

EUTBL is a tokenised money market fund holding euro-denominated European treasury bills. For a European holder it removes something most tokenised yield products impose without stating it: an unintended long position in the US dollar.

The currency exposure hidden in dollar yield

A European institution holding a dollar treasury token earns dollar yield and takes euro-dollar currency risk. That currency movement can easily exceed the yield in either direction. A euro-denominated fund removes the exposure entirely for anyone whose liabilities are in euros.

Euro treasury bills are a different instrument

These are short-term obligations of European sovereigns, which are not a single homogeneous credit the way US Treasuries are. The fund's composition across issuers is therefore a meaningful detail rather than a formality, and it is worth reading.

Regulated fund structure

Operating under EU money market fund rules brings constraints on eligible assets, liquidity buffers and redemption. That framework exists specifically because these products are used as cash equivalents and must behave like them under stress.

Where tokenisation helps

Settlement in seconds instead of days, and transferability among eligible holders outside banking hours. For treasury operations moving repeatedly between cash and yield, that operational gain is measurable and it is the whole reason to prefer a tokenised version.

Who it suits

EUTBL fits European institutions wanting euro-denominated short-term yield with on-chain settlement and no currency mismatch. Dollar-based holders have deeper options in dollar-denominated products.