Spiko EU T-Bills Money Market Fund

Spiko EU T-Bills Money Market Fund (EUTBL) is a tokenized, EU-regulated euro money market fund whose on-chain shares represent ownership of a portfolio of short-dated Treasury Bills issued by the strongest Eurozone sovereigns.

How the fund earns euro yield on-chain

The fund is conservative by mandate: it buys only bills with under six months to maturity and holds average portfolio maturity below two months, minimizing interest-rate and credit risk. Each token is a share, and its value grows as the underlying bills accrue yield, so holders earn a euro rate close to short-term Eurozone government paper directly on-chain.

A euro answer to dollar tokenized Treasuries

This is the euro answer to the dollar tokenized-Treasury wave that Franklin Templeton and BlackRock's BUIDL popularized. Where most on-chain money-fund supply is dollar-denominated, EUTBL offers native euro yield without currency conversion, aimed at European corporate treasuries, DAOs, and stablecoin issuers wanting a regulated, income-bearing reserve asset.

Bull and bear case for EUTBL

The bull case is straightforward carry: regulated, transparent euro yield with the composability of a token and low duration risk. Deployment across several chains widens where it can be held and posted as collateral. The bear case is that it is a low-margin, rate-dependent product — the yield thins if the ECB cuts toward zero — and it competes on trust and integrations against larger, better-known issuers.

The RWA risks behind the token

Type-specific risks are RWA risks: reliance on the fund administrator, the custodian, and the accuracy of published on-chain NAV; regulatory and eligibility gating on who may hold shares; and smart-contract exposure on each network it deploys to. Redemption depends on the fund's operational plumbing, not an automated market. It is a cash-management instrument for euro-based institutions, not a growth position.

1. 1. Choose an exchange. Pick a reputable exchange that lists EUTBL — among the venues we rate highest are Binance, OKX and Kraken.
2. 2. Create & verify your account. Register, enable two-factor authentication, and complete identity verification (KYC).
3. 3. Deposit funds. Add money by bank transfer, card, or a stablecoin, depending on what the exchange supports in your region.
4. 4. Buy EUTBL. Search for EUTBL, choose a market or limit order, enter your amount, and confirm.
5. 5. Secure your coins. For long-term holdings, withdraw EUTBL to a self-custody wallet you control rather than leaving it on the exchange.

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