Key Takeaways
- • SAFO, the Spiko Amundi Overnight Swap Fund, held $2.38 billion on October 23, 2026, making it the world's largest tokenized fund by assets under management, ahead of Circle's USYC at $2.37 billion and BlackRock's BUIDL at $2.17 billion, according to Spiko's announcement.
- • SAFO passed BUIDL on October 19, 2026 and USYC on October 27, seven months to the day after its March 2026 launch; at the same age, BUIDL held $551 million and USYC $102 million.
- • Since launch, investors subscribed $3.47 billion (including $0.93 billion switched from other Spiko funds) and redeemed $1.05 billion, with assets growing for 31 consecutive weeks.
- • More than 10,000 investors and 5,000+ businesses hold SAFO, with nearly 300 companies holding over $1 million each and the largest positions exceeding $50 million.
- • The fund targets the overnight rate plus a spread via total return swaps with banking counterparties, with Amundi as delegated investment manager and CACEIS Bank as depositary.
Summary
Spiko announced on November 5, 2026 that the Spiko Amundi Overnight Swap Fund (SAFO), marketed as Smart Cash, has become the world's largest tokenized fund by assets under management. According to the company, SAFO held $2.38 billion on October 23, 2026, compared with $2.37 billion for Circle's USYC and $2.17 billion for BlackRock's BUIDL. SAFO passed BUIDL on October 19 and USYC on October 27, seven months to the day after its launch in March 2026. At the same age, BUIDL held $551 million and USYC $102 million, per the release, which cites rwa.xyz for BUIDL and USYC figures.
The fund is a sub-fund of SPIKO SICAV, a UCITS fund authorized by the AMF. Amundi Asset Management is its delegated investment manager and CACEIS Bank its depositary. SAFO aims to deliver the overnight rate (€STR, SOFR, SONIA or SARON, depending on currency) plus a spread by holding a securities portfolio and exchanging its performance with banking counterparties through total return swaps. Spiko states that banks pay the premium because a swap is less capital-intensive on their balance sheets than holding the securities directly. Shares are offered in euros, US dollars, pounds sterling and Swiss francs.
Spiko reports that more than 10,000 investors and 13,000 wallets hold SAFO, versus about 100 investors for BUIDL and 30 for USYC. More than 5,000 businesses hold nearly 90% of the fund, with a typical business position around $60,000. Nearly 300 companies hold more than $1 million each. Since launch, investors have subscribed $3.47 billion, including $0.93 billion switched from other Spiko funds, and redeemed $1.05 billion across more than 68,000 mints and burns. Assets have grown every week for 31 consecutive weeks. In euros, holders can withdraw up to €500,000 a day instantly; the company reports more than 10,000 instant withdrawals with a median payout time of 38 seconds.
About two-thirds of SAFO, or $1.65 billion, is recorded on the Stellar network, and SAFO is also issued on Ethereum, Arbitrum, Base, Polygon, Solana, Starknet and Etherlink. Net asset value is published onchain through Chainlink, and since July 2026 holders can post SAFO shares as collateral on Morpho to borrow EURCV. Spiko, co-founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, reports $3.1 billion across all its funds and has raised $120 million from investors including NEA, Index Ventures and Revolut co-founder Nik Storonsky. Hyppolite said, "Main Street got there first." The figures are company-reported, and the release is a marketing communication that directs readers to the SAFO prospectus and key information document before making investment decisions.
The fund is a sub-fund of SPIKO SICAV, a UCITS fund authorized by the AMF. Amundi Asset Management is its delegated investment manager and CACEIS Bank its depositary. SAFO aims to deliver the overnight rate (€STR, SOFR, SONIA or SARON, depending on currency) plus a spread by holding a securities portfolio and exchanging its performance with banking counterparties through total return swaps. Spiko states that banks pay the premium because a swap is less capital-intensive on their balance sheets than holding the securities directly. Shares are offered in euros, US dollars, pounds sterling and Swiss francs.
Spiko reports that more than 10,000 investors and 13,000 wallets hold SAFO, versus about 100 investors for BUIDL and 30 for USYC. More than 5,000 businesses hold nearly 90% of the fund, with a typical business position around $60,000. Nearly 300 companies hold more than $1 million each. Since launch, investors have subscribed $3.47 billion, including $0.93 billion switched from other Spiko funds, and redeemed $1.05 billion across more than 68,000 mints and burns. Assets have grown every week for 31 consecutive weeks. In euros, holders can withdraw up to €500,000 a day instantly; the company reports more than 10,000 instant withdrawals with a median payout time of 38 seconds.
About two-thirds of SAFO, or $1.65 billion, is recorded on the Stellar network, and SAFO is also issued on Ethereum, Arbitrum, Base, Polygon, Solana, Starknet and Etherlink. Net asset value is published onchain through Chainlink, and since July 2026 holders can post SAFO shares as collateral on Morpho to borrow EURCV. Spiko, co-founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, reports $3.1 billion across all its funds and has raised $120 million from investors including NEA, Index Ventures and Revolut co-founder Nik Storonsky. Hyppolite said, "Main Street got there first." The figures are company-reported, and the release is a marketing communication that directs readers to the SAFO prospectus and key information document before making investment decisions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.