Tokenized Assets in Spiko's Money Market Funds Achieve $70 Million in Total Value Locked
Spiko's Tokenized Money Market Funds Surpass $900 Million in Assets Under Management
In the intersection of decentralized finance (DeFi) and regulated traditional products, European fintech platform Spiko is making waves. As of August 2025, the company manages over $900 million in working capital[1][2], with expectations to surpass $1 billion assets under management (AUM) by year-end.
Spiko offers the world's first tokenized money market funds authorized by a major financial watchdog and available to retail crypto investors. The platform's two key tokenized fixed-income products, USTBL and EUTBL, are designed to give investors access to risk-free or near risk-free government debt instruments denominated in USD and EUR, respectively.
USTBL, operating on the Ethereum chain, and EUTBL, based on Polygon, have seen significant growth. USTBL's total value locked (TVL) has increased by 140% since its listing on DefiLlama in mid-August, while EUTBL has over $40 million worth of deposits [3]. USTBL's TVL currently represents the largest share of current TVL on Spiko, despite EUTBL having a 63% share [3]. On August 28, USTBL experienced the largest inflows so far, with nearly $24 million worth of tokens deposited, representing over 70% of the current TVL.
The funds' assets are held by CACEIS Bank, a custodian institution of Crédit Agricole and Santander. The minimum investment requirement for both funds is $1,000 or 1,000 euros, respectively. USTBL generates an annual yield of about 5% and is backed by short-term US Treasury Bills, while EUTBL has an annual yield of 3.77% and is backed by short-term bonds issued by leading Eurozone economies [3].
Spiko's platform is distinguished by its use of smart contracts and blockchain infrastructure, integrated with partner Concordium's identity-verified network to automate cross-border payments without escrow. This enables deal sizes usually upwards of $10 million, particularly targeting sectors like pharmaceuticals and oil [1].
The platform also leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for secure, compliant movement of over $380 million in regulated onchain money market funds, ensuring real-time transparency of Net Asset Value (NAV) data on Ethereum and interoperability across blockchains [3][4]. These attributes, combined with the use of identity-verified blockchain protocols, reduce regulatory and counterparty risks, enhancing trust and compliance in tokenized government debt markets [1].
Since its mid-June pre-seed round, Spiko has raised 4 million euros, led by Frst and joined by Blockwall, Kima, Financière Saint James, and Bpifrance [2]. The company's rapid growth and innovative approach to regulated tokenized money market funds have positioned it as a key player in the emerging tokenized fixed-income space in Europe.
[1] Spiko. (2025). Spiko's Tokenized Money Market Funds Surpass $900 Million in Assets Under Management. Retrieved from https://www.spiko.com/blog/spikos-tokenized-money-market-funds-surpass-900-million-in-assets-under-management
[2] FinSMEs. (2025). Spiko raises €4M in pre-seed funding. Retrieved from https://www.finsmes.com/2025/06/spiko-raises-e4m-in-pre-seed-funding.html
[3] DefiLlama. (2025). Spiko (SPKO). Retrieved from https://defillama.com/protocol/spiko
[4] Chainlink. (2025). Spiko Integrates Chainlink Price Feeds for Secure Tokenized Money Market Funds. Retrieved from https://blog.chainlink.com/spiko-integrates-chainlink-price-feeds-for-secure-tokenized-money-market-funds/
In the capital-driven world of investing, news about Spiko's tokenized money market funds has been generating buzz in both the decentralized finance (DeFi) and traditional finance sectors. With over $900 million in assets under management, these funds, USTBL and EUTBL specifically, provide investors with access to technology-based, risk-free or near-risk-free government debt instruments, denominated in USD and EUR, respectively.
