eurUSTBL, issued by Spiko Finance (Spiko SAS), is a tokenized money market fund share representing the euro-denominated share class of the US T-Bills Money Market Fund, recorded onchain via a fully tokenized UCITS share registry [S1][S2].

The token gives a tokenholder economic exposure to the US T-Bills Money Market Fund, a regulated UCITS fund investing in short-term U.S. government Treasury Bills, packaged as a share class whose U.S. dollar currency exposure is hedged back to the euro. The fund is accumulating and total-return, so interest accrues daily into the share NAV rather than rebasing token balances, and value accretes per share net of the management fee and hedging cost [S2][S1].

Spiko Finance is a simplified joint-stock company registered in Paris, France, and is a MiFID-authorized investment firm regulated by the French ACPR, while the funds are AMF-supervised money market UCITS managed by Twenty First Capital with CACEIS Bank as depositary [S3][S1][S2]. Each token legally represents a regulated UCITS fund share, not e-money or a stablecoin [S2]. Onboarding requires KYC and AML verification, and only allowlisted addresses may hold or receive tokens under a configurable compliance policy [S1][S2].

The euro share class is issued on Solana as a Token-2022 mint. Newly created token accounts start frozen via the DefaultAccountState extension and are thawed permissionlessly only after the holder is added to the allow list managed by Spiko's ABL Gate program, while a block list always takes precedence [S4]. Minting is controlled by Spiko's Minter program through a two-step initiate-then-approve flow with daily limits, and the token's authorities (permanent delegate, pause, mint-close, metadata and token-ACL) are held by Squads multisig vaults; the Minter program was audited by OtterSec in June 2026 [S4].

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  retrievedAt="2026-07-16"
  items={[
    { id: "S1", url: "https://www.spiko.io/" },
    { id: "S2", url: "https://www.spiko.io/spiko-treasury-bills-dollar" },
    { id: "S3", url: "https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds" },
    { id: "S4", url: "https://github.com/spiko-tech/solana-contracts" },
  ]}
/>


Tokenized funds

The platform operates by pooling user deposits into regulated money market funds that exclusively invest in Treasury Bills from major Eurozone countries and the U.S. Federal Government, with daily interest payments and instant withdrawal capabilities. Spiko generates revenue through management fees while maintaining regulatory compliance and institutional-grade custody, offering API integrations for businesses and Web3 protocols seeking to provide risk-free yield on stablecoins and fiat currencies. The minimum initial deposit is €1,000 or $1,000 USD, with subsequent transactions starting from €1 or $1 USD.

Spiko offers daily interest-earning accounts in EUR, USD, and GBP that invest exclusively in government Treasury Bills, providing risk-free returns with complete liquidity and no lock-up periods. The platform serves various use cases from startup treasury management to Web3 applications, offering both traditional fiat access and on-chain integration for blockchain-based yield generation. Their products include API access for fintech integration and Web3 solutions that enable on-chain access to traditional money market fund returns.

Spiko is a regulated financial technology platform that provides seamless access to risk-free interest rates through money market funds backed by Treasury Bills. The company operates under EU law with French Financial Markets Authority (AMF) approval and custody services provided by Crédit Agricole.

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Real-world asset (RWA) issuers

Spiko

Spiko US T-Bills Money Market Fund (EUR) (eurUSTBL) is a tokenized fund share issued by Spiko and managed by Twenty First Capital.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt and money market instruments, and charges a 0.25% annual management fee.

Its assets sit with CACEIS Bank and The Bank of New York Mellon, administered by CACEIS Fund Administration, with PricewaterhouseCoopers France (PwC) as auditor.

Retail investors, professional investors, and institutions can subscribe and redeem in EUR, with a EUR 1,000 minimum after completing KYC, and holders have a right to redeem at net asset value.

eurUSTBL has been issued on Solana as a SPL Token-2022 token since June 2026.

Spiko US T-Bills Money Market Fund (EUR)eurUSTBL