EUTBL, issued by Spiko Finance (Spiko SAS), is a tokenized money market fund share that tracks EU T-Bills Money Market Fund, recorded onchain via a fully tokenized UCITS share registry [S1][S2].

The token gives a tokenholder economic exposure to EU T-Bills Money Market Fund (EUTBL), a regulated UCITS fund investing in short-term government Treasury Bills. 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 [S2]. The tokenholder bears a management fee of 0.25 percent per year, deducted daily on a prorated basis, with no entry, exit, transaction, or account-holding fees [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 [S4][S5]. Daily liquidity is contractually guaranteed, with deposits and withdrawals processed daily in fiat or stablecoins; client cash is held by CACEIS, never by Spiko [S1][S2].

Tokens are ERC-20 based, with ERC-1363, ERC-2612, and ERC-2771 extensions, issued across Ethereum, Polygon, Arbitrum, Base, Starknet, and Stellar [S5][S6][S7]. A daily-operator role mints tokens to allowlisted addresses; redemptions are batched daily and tokens burned when transfers initiate [S5]. NAV is calculated daily by CACEIS, submitted to the AMF, and published onchain via a Chainlink oracle, while EURCV and USDCV stablecoins provide settlement [S5][S4][S8][S9].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds" },
    { id: "S2", url: "https://www.spiko.io/spiko-treasury-bills-euro" },
    { id: "S3", url: "https://www.spiko.io/" },
    { id: "S4", url: "https://www.spiko.io/blog/spiko-chainlink-ccip" },
    { id: "S5", url: "https://tech.spiko.io/posts/spiko-smart-contracts/" },
    { id: "S6", url: "https://www.spiko.io/use-cases/web3" },
    { id: "S7", url: "https://tech.spiko.io/posts/stellar-integration/" },
    { id: "S8", url: "https://www.spiko.io/blog/spiko-in-collaboration-with-caceis-integrates-chainlink-infrastructure-to-bring-nav-data-onchain" },
    { id: "S9", url: "https://www.spiko.io/blog/spiko-morpho-sg-forge" },
  ]}
/>


# APY methodology

## 1. Overview

APY measures the annualized yield accrued by holding a yield-bearing token. On-chain state is standardized into a yield index that captures yield accrual regardless of mechanism — whether the token grows in value against its underlying (e.g. ERC-4626 vaults) or rebases in quantity (e.g. stETH). A 7-day trailing window is used to annualize the growth of this index over time.

## 2. Data sources

- **EVM chain state reads**: `convertToAssets` functions from ERC-4626 contracts, `getReserveNormalizedIncome` functions from Aave contracts, `pricePerShare` functions from ERC-7540 contracts, and NAV feeds from oracle contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Asset metadata**: Token addresses and decimal precision.
- **External data**: End-of-day price feeds.

## 3. Step-by-step calculation

### Component A: Yield index extraction

- **Purpose**: Retrieve daily cumulative yield indices from on-chain sources.
- **Logic**: Daily yield indices are aggregated from contract state reads across supported chains. These indices represent the current exchange rate or internal value of a yield-bearing token in terms of its underlying asset. On EVM-compatible chains, data is retrieved from standard interfaces including ERC-4626 vaults, lending market reserve indices, and specialized share-price functions. Amounts are normalized by decimal precision.
- **Key fields**: `yield_index_normalized` (cumulative yield index), `token_address` (asset contract), `timestamp` (record time)

### Component B: Trailing yield annualization

- **Purpose**: Compute the annualized growth rate of the yield index.
- **Logic**: A 7-day trailing window is applied by comparing the current yield index to the index recorded seven days prior. The ratio of change between these two points is annualized to produce the APY.
- **Key fields**: `asset_apy` (calculated annualized yield)

### Component C: Cross-chain deduplication and final aggregation

- **Purpose**: Consolidate yield data into a single daily value per asset.
- **Logic**: Data is combined across all supported chains. For assets deployed on multiple networks, a representative APY is selected by identifying the value closest to the cross-chain median for that specific timestamp. This process ensures that deployment-specific spikes or stale data from less active chains are mitigated. The resulting value is mapped to the global asset identifier and recorded as the daily APY.
- **Key fields**: `asset_id` (unique asset identifier), `asset_apy` (final annualized yield)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Annualized yield that holding the token accrues relative to its underlying asset.

Asset APY

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 EU T-Bills Money Market Fund (EUTBL) is a tokenized fund share issued by Spiko through SPIKO SICAV and managed by Twenty First Capital.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in government debt in Europe, and charges a 0.25% annual management fee.

Its assets sit with CACEIS Bank, administered by CACEIS Fund Administration, with PwC as auditor.

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

SPIKO SICAV is incorporated in France, is a UCITS fund, and is supervised by the French Financial Markets Authority (AMF).

EUTBL has been issued on public blockchains since April 2024 and is native to 7 networks, including Ethereum, Polygon, Starknet, Arbitrum One, Base, and Stellar.

Spiko EU T-Bills Money Market FundEUTBL