Spiko said on October 29, 2026 that its Spiko Amundi Overnight Swap Fund (SAFO) had reached $2.38 billion in assets as of October 23, making it the largest tokenized fund under the company’s stated comparison.
A narrow lead over competing funds
According to Spiko’s announcement distributed by Stellar, SAFO’s October 23 assets totaled $2.38 billion, compared with $2.37 billion for Circle’s USYC and $2.17 billion for BlackRock’s BUIDL.
The figures rely on Spiko’s published comparison, which it says draws on RWA.xyz for the other funds. The lead over USYC is relatively small, and the ranking is sensitive to the observation date, changing assets and how the category of tokenized funds is defined. It should therefore be treated as a company-reported snapshot rather than a permanent position.
Growth since its March launch
Spiko and Amundi launched SAFO in March 2026. The company says it overtook BUIDL by assets on October 19 and USYC on October 27, seven months after launch. It also reported more than 10,000 investors and around 68,000 mints and burns of tokenized fund shares since inception.
Businesses reportedly make up most of the assets, while individual users can access the fund in eligible jurisdictions. The investment structure differs from simply holding a stablecoin in a self-custodial wallet.
How the overnight cash fund works
SAFO aims to provide returns linked to overnight interest rates plus a spread through a portfolio of securities and total-return swaps with banking counterparties. Amundi is the delegated investment manager, and CACEIS Bank is identified as the depositary.
Its shares are issued in tokenized form across several networks. Spiko said more than two-thirds of SAFO’s assets, approximately $1.65 billion, were recorded on Stellar, with the remainder across other supported blockchains.
Liquidity terms and investor risks
Spiko says qualifying euro investors may redeem up to €500,000 per day instantly, while other withdrawals and currencies can follow a daily redemption process. These rules should not be mistaken for universally instant liquidity or a government guarantee.
Fund investors face market, counterparty, liquidity and operational risks; returns are not guaranteed and distribution is limited by jurisdiction. The source announcement is a marketing communication directing potential investors to the fund prospectus and key information document before any investment decision.
The development highlights growing business demand for tokenized cash-management instruments, but the ranking and growth figures need ongoing verification rather than extrapolation.
Related reporting: For related context on Stellar’s financial infrastructure, see Curve Finance’s new Stellar deployment.
Primary source: Official source material. This report distinguishes October 29 developments from previously announced facts.
