Amundi, Europe’s largest asset manager, is launching the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized fund on Ethereum and Stellar that starts with around $100 million in committed assets.
A traditional fund with a tokenized wrapper
Institutions historically linked to TradFi have found a way to not get left behind on the crypto curve of tokenized assets. In a press release published on the Amundi website, the investment fund announced its collaboration with Spiko, a specialized tokenization platform regulated by French law, to launch SAFO as a tokenized compartment of SPIKO SICAV.
𝗟𝗜𝗩𝗘: Amundi, Europe’s largest asset manager (€2.3 trillion in assets under management) and Spiko launch a new tokenized mutual fund (SAFO) powered by Chainlink.
Chainlink is how the world’s leading institutions and tokenization platforms unlock the issuance and distribution of tokenized funds. pic.twitter.com/2GQshwqCrC
– Chainlink (@chainlink) March 19, 2026
Structurally, SAFO is a traditional fund, with just token packaging: it is designed for corporate treasury and collateral management, an “on-chain money parking lot” with low risk and overnight liquidity. The fund invests using fully collateralized total return swaps with leading banks, with the aim of generating stable returns slightly above risk-free rates while allowing investors to get their money back on a day-to-day basis. It supports multiple currencies (EUR, USD, GBP, CHF) and can be subscribed from a single unit, which is unusually low for institutional grade cash products.
The company highlighted that the fund allows for near-immediate settlement, supports multiple ways to hold assets, provides live visibility into the shareholder register, and allows fund shares to move globally 24 hours a day, with automated access via APIs or smart contracts.
In the press release, Jean-Jacques Barbéris, head of institutional and corporate clients and ESG at Amundi, declares:
SAFO offers professional investors rapid and transparent access to cash management solutions. This initiative is part of our ambition to contribute to the growth of tokenized solutions.
Where Ethereum Comes In
Shareholder registry and fund shares are available on Ethereum and Stellar, with Ethereum chosen for its smart contract and DeFi composability, while Stellar supports faster, cheaper transfers and 24/7 transferability of fund units. Chainlink’s network of data providers places SAFO’s fund value directly on the blockchain and serves as a connector between Ethereum, Stellar and traditional systems. This gives tokenized funds a secure and standardized way to share information, building on testing Chainlink has already conducted with DTCC and other large institutions.
SAFO is Amundi’s second tokenized fund in a few months. Last November, the fund launched a tokenized money market fund share class on Ethereum, in collaboration with CACEIS, one of Europe’s leading asset service providers and transfer agents, as reported by Bitcoinist.
Amundi’s new venture adds to a growing universe of tokenized money market products offered by players such as BlackRock, the world’s largest asset manager, and Franklin Templeton, and strengthens Ethereum’s position as the primary settlement layer for institutional RWA.
A 2.3 trillion euro incumbent connecting to Ethereum and Chainlink reinforces the thesis that the next stage of the crypto cycle will be driven by tokenized cash, bonds and funds rather than purely speculative DeFi.
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