Amundi, Europe’s largest asset manager with over €2 trillion in assets under management, has launched the tokenized Spiko Amundi Overnight Swap Fund (SAFO) on Ethereum and Stellar blockchains. This marks a significant step in bringing traditional institutional finance onto public blockchain infrastructure, targeting corporations and financial institutions seeking enhanced liquidity management solutions.

Tokenized Fund Structure Targets Institutional Liquidity

SAFO operates as a tokenized sub-fund under the SPIKO SICAV framework, structured under French regulatory law. The fund specifically addresses liquidity and collateral requirements for institutional investors, offering continuous transferability that functions like a cash-equivalent instrument. This design allows investors to move assets freely without traditional trading hour restrictions, addressing a key pain point in conventional money market operations.

The fund’s innovative structure enables institutions to maintain liquidity while earning returns typically associated with money market instruments. Unlike traditional money market funds that require settlement periods and operate within specific trading windows, SAFO provides instant settlement capabilities through blockchain technology. This represents a fundamental shift from legacy financial infrastructure that often requires multiple intermediaries and extended settlement times.

Dual Blockchain Infrastructure Ensures Redundancy

The fund’s investor register operates simultaneously on both Ethereum and Stellar networks, creating redundant tracking systems for ownership records. This dual-blockchain approach provides operational resilience while keeping the door open for additional network integration in the future. Both platforms serve as transparent ledgers, maintaining synchronized records of fund participation and transfers.

Ethereum’s robust smart contract ecosystem provides sophisticated programmability and extensive DeFi integration possibilities, while Stellar’s focus on financial services and lower transaction costs offers operational efficiency. This strategic choice reflects Amundi’s commitment to leveraging the strengths of different blockchain networks rather than limiting itself to a single platform. The redundancy also ensures continued operations even if one network experiences technical difficulties or regulatory challenges.

Chainlink Integration Automates Real-Time Valuations

Chainlink’s oracle network serves as the critical infrastructure connecting traditional financial data to blockchain systems. The integration automates Net Asset Value (NAV) delivery directly onto both blockchains, ensuring fund metrics remain current even outside standard market hours. At launch, Chainlink confirmed an on-chain value of $100 million, demonstrating the fund’s substantial initial scale.

This oracle integration eliminates manual NAV updates and reduces operational risk associated with data discrepancies. The real-time pricing mechanism enables investors to make informed decisions based on current market conditions, enhancing the fund’s utility as a cash management tool. The automated system also reduces administrative costs and potential human errors in valuation processes.

Market Position in Tokenized Asset Landscape

Within the broader tokenized real-world assets sector, this launch positions Amundi strategically against emerging competition. While Canton and Provenance currently lead Ethereum in tokenized RWAs excluding stablecoins, Stellar maintains its position among the top ten networks for such applications. The tokenized RWA market has grown significantly, with total value locked exceeding $8 billion across various platforms in 2024.

The collaboration involves three key institutional players:

  • Amundi providing investment management expertise and regulatory oversight
  • CACEIS serving as custodian and administrator with established institutional relationships
  • Spiko functioning as transfer agent, tokenization platform, and broker with specialized blockchain expertise

Regulatory Compliance Meets Blockchain Innovation

The fund’s structure under French SICAV regulations demonstrates how traditional finance can leverage blockchain technology while maintaining regulatory compliance. This approach bridges the gap between experimental tokenization projects and regulated institutional products, providing a template for similar initiatives across European markets.

French financial regulations have been relatively progressive regarding blockchain integration, with the AutoritΓ© des MarchΓ©s Financiers (AMF) providing clear guidance for tokenized securities. This regulatory clarity has enabled Amundi to structure SAFO as a fully compliant institutional product while incorporating cutting-edge blockchain technology. The precedent set by this launch could influence regulatory approaches in other European jurisdictions.

Implications for Institutional Blockchain Adoption

This launch represents a maturation of blockchain infrastructure from experimental technology to practical financial infrastructure. For institutional investors, it offers enhanced liquidity management with 24/7 transferability, potentially reducing operational costs and improving capital efficiency. The success of SAFO could accelerate broader institutional adoption of blockchain-based financial products, particularly in money market and short-term funding operations.

The move also signals growing institutional confidence in public blockchain networks for mission-critical financial operations. Previously, many institutions preferred private or consortium blockchains for regulatory and security concerns. Amundi’s choice to use public networks demonstrates the maturation of blockchain security and regulatory frameworks.

Amundi’s tokenized money market fund signals a fundamental shift in how traditional asset managers view blockchain technology. Rather than treating it as a separate innovation track, institutions are now integrating public blockchains into core financial products, suggesting broader transformation ahead for institutional finance. This integration could pave the way for tokenization of other traditional financial instruments, including bonds, equities, and complex derivatives.