Spiko brings tokenised fund to Solana

• Spiko has launched its tokenised SAFO money market fund on Solana, marking the firm's first deployment on the blockchain.
• The fund enables subscriptions and redemptions in USDC while using Chainlink to publish onchain net asset values.
• Spiko said Solana's speed and low transaction costs support the fund's institutional cash management and settlement needs.

Spiko has launched its SAFO money market fund on Solana (CRYPTO:SOL), becoming the first European real-world asset issuer to deploy a tokenised fund on the blockchain.

SAFO, or the Spiko Amundi Overnight Swap Fund, is a UCITS-compliant money market fund managed by Amundi and regulated under French law, with subscriptions and redemptions settling directly in USD Coin (CRYPTO:USDC).

Spiko did not include an executive quote in its announcement.

The company said SAFO is designed for corporate treasury and collateral management, using fully collateralised total return swaps with banks to generate returns, while Chainlink (CRYPTO:LINK) records the fund's net asset value onchain to provide transparent pricing.

Spiko said Solana's high transaction throughput and low fees support the fund's settlement requirements, and following the announcement there was no immediate market reaction.

According to Spiko, the fund processes an average of 500 subscriptions and redemptions each day across approximately 10,000 active users, while Solana's decentralised finance ecosystem also allows tokenised fund shares to be used as collateral in onchain financial applications.

Founded in 2023, Spiko is regulated as a MiFID investment firm by France's ACPR and AMF, while CACEIS acts as the depositary bank and fund administrator for the SAFO fund.

At the time of reporting, Solana price was $81.11.