Amundi, Europe’s largest asset manager, launches the Spico Amundi Overnight Swap Fund (SAFO), an Ethereum and Stellar tokenized fund starting with approximately $100 million in committed assets.
Traditional funds with tokenized wrappers
Institutions that have historically been associated with TradFi have found a way to avoid being left out of the crypto curve in tokenized assets. In a statement posted on Amundi’s website, the investment fund announced that it will collaborate with French-regulated specialist tokenization platform Spiko to launch SAFO as a tokenization sub-fund of SPIKO SICAV.
𝗟𝗜𝗩𝗘: Europe’s largest asset management company Amundi (with 2.3 trillion euros in assets under management) and Spico have launched a new tokenized investment trust (SAFO) powered by Chainlink.
Chainlink is a way for the world’s leading institutions and tokenization platforms to issue and distribute tokenized funds. pic.twitter.com/2GQshwqCrC
— Chainlink (@chainlink) March 19, 2026
Structurally, a SAFO is a traditional fund with a tokenized wrapper. It is designed for corporate treasury and collateral management, or “on-chain cash parking” with low risk and overnight liquidity. The fund invests using fully collateralized total return swaps with leading banks and aims to deliver stable yields slightly above the risk-free rate while allowing investors to get their money back on an overnight basis. It supports multiple currencies (EUR, USD, GBP, CHF) and can be subscribed with a minimum of 1 unit. This is an unusually low price for a cash product for institutions.
The company highlighted that the fund enables near-instant settlement, supports multiple asset holding methods, provides real-time visibility into shareholder registers, and allows fund shares to be moved around the world 24 hours a day with automated access via API or smart contract.
Jean-Jacques Barberis, head of institutional and corporate clients and ESG at Amundi, said in a statement:
SAFO provides professional investors with fast and transparent access to money management solutions. This work is part of our ambition to contribute to the proliferation of tokenized solutions.
Ethereum’s turn
The shareholder registry and fund shares are on Ethereum and Stellar, with Ethereum chosen for its smart contracts and DeFi composability, and Stellar supporting faster, lower-cost transfers and 24/7 transfer of fund units. Chainlink’s network of data providers places SAFO capital value directly on the blockchain and acts as a connector between Ethereum, Stellar, and traditional systems. This provides tokenized funds with a secure and standardized method of information sharing, based on testing Chainlink has already conducted with the DTCC and other leading institutions.
SAFO is Amundi’s second tokenized fund in recent months. As reported by , the fund partnered with CACEIS, one of Europe’s top asset service providers and transfer agents, in November to roll out a tokenized share class of money market funds on Ethereum.
Amundi’s new venture will join the growing world of tokenized money market products from players such as the world’s largest asset managers BlackRock and Franklin Templeton, and strengthen Ethereum’s position as the primary payment layer for institutional RWA.
The 2.3 trillion euros of incumbents connecting to Ethereum and Chainlink solidifies the hypothesis 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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