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.

twitter

website

Real-world asset (RWA) issuers

Spiko

# Spiko Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating for Spiko measures the total USD value of outstanding token supply across Spiko's two main products: USTBL (US T-Bills Money Market Fund) and EUTBL tokens. This metric represents the circulating market capitalization by calculating the outstanding supply of each token based on mint and burn events, then converting to USD values using end-of-day price feeds. The calculation is performed across four blockchain networks where these tokens are deployed.

## 2. Data sources

- **Blockchain events**: Parsed ERC-20 `Transfer` events from Ethereum, Arbitrum, Polygon, and Base networks
- **Token metadata**: Token decimal information for amount normalization
- **External data**: End-of-day price feeds from CoinGecko for EUTBL and USTBL tokens

## 3. Step-by-step calculation

### Component A: USTBL mint and burn tracking
- **Purpose**: Identifies all mint and burn events for USTBL tokens across supported chains
- **Logic**: Filters `Transfer` events where the token address matches USTBL contract addresses on each chain. Mint events are identified when `from_address` is the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is not zero. Burn events are identified when `to_address` is the zero address and `from_address` is not zero. Each event captures the `block_timestamp`, `transaction_hash`, `log_index`, and `value` amount
- **Key fields**: `block_timestamp`, `token_address`, `from_address`, `to_address`, `amount` (converted from `value`)

### Component B: EUTBL mint and burn tracking  
- **Purpose**: Identifies all mint and burn events for EUTBL tokens across supported chains
- **Logic**: Uses the same logic as USTBL but filters for EUTBL contract addresses. The process tracks `Transfer` events where mints occur from zero address to non-zero address, and burns occur from non-zero address to zero address
- **Key fields**: `block_timestamp`, `token_address`, `from_address`, `to_address`, `amount` (converted from `value`)

### Component C: Outstanding supply calculation for each token
- **Purpose**: Calculates the circulating supply of each token by tracking cumulative mint and burn activity
- **Logic**: Combines mint events (positive amounts) and burn events (negative amounts) for each token. Applies decimal correction using token metadata to normalize amounts. Aggregates events daily by summing all mint and burn amounts. Calculates cumulative outstanding supply using a running sum ordered by timestamp and partitioned by chain, version, and token address. Forward-fills missing dates to ensure continuous time series data
- **Key fields**: `timestamp`, `chain`, `product_id`, `token_address`, `outstanding_supply`

### Component D: USD conversion
- **Purpose**: Converts token amounts to USD values for market cap calculation
- **Logic**: Uses end-of-day price feeds from CoinGecko to convert outstanding supply amounts to USD. USTBL uses CoinGecko ID 'spiko-us-t-bills-money-market-fund' and EUTBL uses CoinGecko ID 'eutbl'
- **Key fields**: `daily_timestamp`, `outstanding_supply` (in USD)

### Component E: Capital deployed aggregation
- **Purpose**: Combines both token supplies into total capital deployed per product
- **Logic**: Unions the USD-converted outstanding supply data from both EUTBL and USTBL calculations. Groups by timestamp, chain, and product to create a unified view of capital deployed across both token products
- **Key fields**: `timestamp`, `timestamp_grain`, `chain_id`, `product_id`, `capital_deployed`

### Final aggregation
- **Combining components**: Sums the capital deployed amounts across all products by timestamp and chain to calculate total value locked (TVL)
- **Currency conversion**: All amounts are already converted to USD in the individual token calculations using end-of-day CoinGecko price feeds
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: The asset market cap circulating is calculated by taking the TVL value directly, as it represents the total USD value of outstanding circulating token supply across both USTBL and EUTBL products

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Spiko

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown