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Meet Spiko, the largest tokenized fund in the world you’ve probably never heard about
认识 Spiko：全球最大代币化基金，你可能从未听说过
Spiko's SAFO fund holding $2.39 billion shows tokenized treasuries can scale quietly past famous issuers, but yields depend on the Amundi overnight swap, so investors sacrifice direct Treasury ownership for convenience.
Judgment
Treasury managers deciding whether to use tokenized cash should treat SAFO's $2.39 billion as evidence of distribution scale, not as a direct T-bill substitute; the convenience requires accepting Amundi overnight swap exposure instead of direct Treasury ownership.
Basis
CoinDesk reports that Spiko's flagship Spiko Amundi Overnight Swap Fund held $2.39 billion in assets under management as of late last month. The mechanism matters for allocators: SAFO is an overnight swap fund, so its yield depends on the Amundi swap rather than direct Treasury ownership; the $2.39 billion figure measures scale, not the risk or liquidity of the underlying swap.
Unclear The source does not disclose SAFO's yield, fee, redemption terms, or the swap's collateral and counterparty details.
Next Check Spiko's latest fund disclosure for the AUM date, current yield, fee, and Amundi swap terms.