Nov 11, 2026, 7:57 a.m. EST
2 min read
Summary
- Last month, Spiko reported that it surpassed Circle’s USYC (Hashnote International Short Duration Yield Fund Ltd) and BlackRock’s BUIDL in terms of assets under management.
- Spiko’s total assets have expanded by roughly 30% monthly while its participant count has increased by about 18% each month, exceeding 10,000 corporate and individual participants.
Spiko, a French financial technology enterprise that may be unfamiliar to many, announced that it now manages the premier tokenized fund globally, holding approximately $2.39 billion in assets under management as of late last month.
According to an update published on its website, Spiko outpaced Circle’s USYC (Hashnote International Short Duration Yield Fund Ltd) and BlackRock’s BUIDL by the end of October, each of which maintains over $2 billion in AUM. Continuing its strong momentum, the enterprise also secured $90 million in October at a valuation reaching approximately $800 million.
Throughout the past three months, the organization’s holdings—specifically the Spiko Amundi Overnight Swap Fund (SAFO)—have expanded by roughly 30% each month, with its user base growing by around 18% monthly to surpass 10,000 corporate entities and individual participants.
Spiko provides blockchain-driven money market funds operating under the European Union’s UCITS regulatory structure, which regulates the creation, administration, and cross-border distribution of retail-accessible mutual funds and exchange-traded funds (ETFs).
Digital cash equivalents, such as highly liquid Treasury bills, have evolved into a fundamental pillar of institutional crypto ecosystems, with firms like BlackRock and Franklin Templeton attracting significant attention for launching blockchain-based products.
Spiko CEO Paul-Adrien Hyppolite, who previously served as the deputy head of the financial markets division at the French Treasury Department prior to co-establishing the organization in June 2023, noted that the company’s French origins might explain its relative obscurity. The flagship SAFO tokenized cash product was introduced seven months ago alongside BNP Paribas and Amundi.
“We started in France, so it’s very French as a result,” Hyppolite explained during a discussion. “It was also a bit more difficult because initially we were just a startup, no track record, no brand name, of course. So we are building that up.”
A substantial opportunity exists across Europe for tokenized money market instruments, per Hyppolite, where they represent only a tiny fraction of capital compared to standard bank deposits.
By contrast, the United States features roughly $8 trillion in money market funds, which equals about 40% of the cash maintained in bank deposits, spanning between $16 trillion and $18 trillion.
“I’m convinced that things will change in the sense that we will catch up,” Hyppolite stated.
In pursuit of broader diversification, Spiko is branching out beyond France, with a London expansion currently underway and the SAFO product officially registered with the British regulator, the Financial Conduct Authority (FCA).
“London is now our main office alongside Paris. We are currently looking at the U.S. market. Nothing is happening yet, but we aim to potentially expand to the U.S. next year,” he added.
Originally published at https://www.coindesk.com/business/2026/11/11/meet-spiko-the-largest-tokenized-fund-in-the-world-you-ve-probably-never-heard-about.
