Spiko US T-Bills Money Market Fund

The Spiko US T-Bills Money Market Fund (USTBL) is a tokenized money market fund that gives on-chain investors exposure to short-dated United States Treasury Bills. Unlike a typical crypto token, USTBL represents a share in a fully licensed, regulated fund, making it one of the clearer examples of the real-world-asset (RWA) trend bringing traditional finance onto blockchain rails.

What is the Spiko US T-Bills Money Market Fund?

USTBL is the tokenized form of a USD money market fund that invests exclusively in US Treasury Bills maturing in under six months, keeping average portfolio maturity to no more than two months. The fund operates under the European Union's regulatory framework and is approved by the French Financial Markets Authority (AMF), which means it is open to both professional and retail investors. Each token is a claim on that underlying pool of short-term government debt.

How does the USTBL token work?

Rather than running on a single network, USTBL is issued across several blockchains, including Ethereum, Polygon, Arbitrum and Base. The token itself is not a speculative asset with a floating price; its value tracks the net asset value of the Treasury-bill portfolio, which accrues the yield those bills produce. In practice that gives holders programmable, transferable exposure to government-backed cash equivalents:

• Value derived from a regulated fund of sub-six-month US T-Bills
• Yield sourced from short-term Treasury interest, not crypto emissions
• Multi-chain issuance for flexible on-chain settlement and composability
• AMF-approved structure open to professional and non-professional investors

USTBL tokenomics and supply

There is no fixed maximum supply for USTBL. Supply expands and contracts with demand: tokens are minted when investors subscribe to the fund and redeemed when they exit, so circulating and total supply currently sit around 154 million tokens and move with net inflows. Because the token is pegged to a Treasury portfolio, its price hovers near its NAV, with a historical range roughly between $1.01 and $1.09 that reflects accrued yield rather than speculation. This is a fundamentally different supply model from capped tokens like Bitcoin.

What is USTBL used for?

USTBL's main use case is parking capital in a low-risk, yield-bearing instrument that lives on-chain. Treasuries, DAOs and individual investors can hold it as a dollar-denominated reserve that earns Treasury yield while remaining transferable across DeFi. As a tokenized RWA, it can also serve as collateral or a settlement asset within compatible protocols, bridging conventional money markets and crypto infrastructure.

Where to buy and hold USTBL

Because it is a regulated fund token, USTBL is typically accessed through Spiko's platform and supported venues rather than every mainstream exchange. Review our best crypto exchanges ranking for platforms that list tokenized RWAs, and use a secure self-custody option from our best crypto wallets guide that supports the chain you hold USTBL on. Confirm eligibility requirements before subscribing.

Is USTBL a good investment?

USTBL is designed for capital preservation and steady yield rather than capital appreciation, so its risk profile is far more conservative than a typical altcoin. The main risks are not price volatility but smart-contract exposure, redemption mechanics, and the fact that Treasury yields can fall, reducing returns. It is not a way to chase high returns, and this is not financial advice. For investors seeking on-chain dollar exposure backed by government debt, though, a regulated tokenized fund is a comparatively low-risk building block.