Spiko Amundi Overnight Swap Fund

Spiko Amundi Overnight Swap Fund (SAFO) is a tokenized UCITS fund created by Spiko together with Amundi, Europe's largest asset manager. Rather than a speculative crypto asset, SAFO is a real-world-asset token that represents a share in a regulated money-market-style fund, letting investors earn stable, benchmark-linked yield on-chain while keeping overnight liquidity.

What is SAFO?

SAFO brings a traditional, regulated fund onto public blockchains. Its USD share class lets investors subscribe from as little as one dollar, lowering the barrier that usually keeps institutional-grade cash products out of reach for smaller holders. Each token corresponds to an ownership stake in the fund, whose shareholder register is maintained on-chain rather than only in a bank's back office.

How does SAFO work?

The fund generates yield above the Effective Federal Funds Rate (EFFR) through fully collateralized total return swaps with top-tier banks, beginning with BNP Paribas, while preserving daily liquidity. As a token, SAFO is not secured by its own consensus; its register spans several networks, including Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink and Stellar. Chainlink supplies on-chain NAV oracle feeds so the token's value can be verified transparently.

SAFO tokenomics and supply

Because SAFO is a fund share rather than a capped cryptocurrency, its supply is not fixed. Circulating and total supply both stand at roughly 134 million tokens, and that figure expands or contracts as investors subscribe or redeem. Its price stays tightly anchored near net asset value, trading in a narrow band, with a recorded high around $1.013 and a low near $1.004, reflecting accrued yield rather than speculation.

• Tokenized UCITS fund by Spiko and Amundi
• Yield targeted above the EFFR benchmark
• On-chain register across Ethereum, Polygon, Arbitrum, Base and more

What is SAFO used for?

SAFO is used as an on-chain cash-management and yield instrument. Because it is composable with DeFi and lives on several major chains, treasuries, funds and individual investors can hold a regulated, yield-bearing asset that settles like a token. The structure is reinforced by institutional roles: CACEIS acts as depositary bank, PwC as auditor, and the French regulator AMF supervises the fund.

Where to access SAFO

SAFO is issued and redeemed through Spiko's platform under its regulatory framework, so access differs from buying an ordinary listed coin and is generally limited to eligible, non-US investors who complete onboarding. If you also hold conventional crypto, our best crypto exchanges ranking and best crypto wallets guide can help you manage those assets alongside a tokenized fund position.

Is SAFO a good investment?

SAFO is designed for stability and yield rather than price appreciation, so its risk profile is very different from a typical cryptocurrency. Key considerations are counterparty exposure through the swap arrangements, interest-rate movements that affect yield, and eligibility restrictions. Even conservative instruments carry risk, and tokenized funds add smart-contract and custody considerations. Review the fund documents carefully; nothing here is financial advice.