Spiko Amundi Overnight Swap Fund (EUR)

Spiko Amundi Overnight Swap Fund (eurSAFO) is an on-chain UCITS money market fund — a joint venture between the fintech Spiko and Amundi, Europe's largest asset manager — that delivers euro overnight yield through fully collateralized total return swaps rather than by holding bills directly.

How the total-return swap engine generates yield

Its engine is the swap. Instead of owning a bond portfolio outright, the fund enters fully collateralized total-return swaps with top-tier banks to earn a return referenced above the €STR overnight benchmark. Investors can subscribe from as little as one euro and redeem with overnight liquidity, and the token's NAV climbs as that yield accrues.

UCITS scaffolding and multichain share issuance

The institutional scaffolding is unusually complete for an on-chain product: as a UCITS vehicle it operates with a depositary, an independent auditor, on-chain NAV publication via oracles, and EU regulatory supervision — the checks a regulated European fund carries, though the specific service providers should be confirmed from the fund's own documentation. Its tokenized shares are issued natively across several networks, including Ethereum, Polygon, Arbitrum, Base, and Starknet, letting the same regulated share exist across many venues.

The bull case: Amundi's credibility and a one-euro entry

The bull case is that a name like Amundi lends the tokenized-fund category a credibility retail crypto products lack, while the one-euro minimum and overnight liquidity make regulated money-market yield genuinely accessible. The swap structure can also track €STR efficiently and keep the vehicle nimble.

Where the swap structure adds counterparty and RWA risk

That structure is also the risk. A total-return swap introduces bank counterparty exposure a direct T-Bill fund avoids — full collateralization mitigates but does not erase it — and yield is entirely a function of euro overnight rates. Layered on top are the usual RWA dependencies: oracle accuracy, depositary and administrator soundness, multi-chain contract risk, and holder eligibility rules. It fits conservative euro cash management, and its returns rise and fall with ECB policy, not market speculation.

1. 1. Choose an exchange. Pick a reputable exchange that lists EURSAFO — 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 EURSAFO. Search for EURSAFO, choose a market or limit order, enter your amount, and confirm.
5. 5. Secure your coins. For long-term holdings, withdraw EURSAFO to a self-custody wallet you control rather than leaving it on the exchange.

Compare venues in our independent exchange ratings. This is not financial advice.