SAFO, issued by Spiko Finance (Spiko SAS), is a tokenized money market fund share that tracks Amundi Overnight Swap Fund, recorded onchain via a fully tokenized UCITS share registry [S1][S2].

The token gives a tokenholder economic exposure to Amundi Overnight Swap Fund (SAFO), 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" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

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 Amundi Overnight Swap Fund (SAFO) is a tokenized fund share issued by Spiko through SPIKO SICAV.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. money market instruments, locks up subscriptions for 0 months, and charges a 0.25% annual management fee.

Its assets sit with CACEIS Bank, administered by CACEIS Fund Administration, with Spiko as transfer agent and PricewaterhouseCoopers France as auditor.

Retail investors and institutions can subscribe and redeem in USD, with a USD 1 minimum after completing KYC, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

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

SAFO has been issued on public blockchains since March 2026 and is native to 7 networks, including Stellar, Ethereum, Polygon, Arbitrum One, Base, and Starknet.

Spiko Amundi Overnight Swap FundSAFO