Audit log

Every state-changing event for Spiko Amundi Overnight Swap Fund (EUR): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-07-22 17:17:14Z
   Score: ? → ? (no score change)
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   FjKfuBz75pfn…XPd5zSV5copysha256 → base58

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   {"actor":"system:backfill","investigation_id":"8a395680-2b49-4722-9fbc-bb87fe78dc08","kind":"publish","page_slug":"spiko-amundi-overnight-swap-fund-eur","published_at":"2026-07-22T17:17:14.881Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Spiko Amundi Overnight Swap Fund (EUR)","sections":[{"content":"The Spiko Amundi Overnight Swap Fund EUR (eurSAFO) is a tokenized sub-fund of SPIKO SICAV, a French SICAV (Société d'Investissement à Capital Variable) regulated under the UCITS Directive (2009/65/EC) and supervised by the AMF (Autorité des Marchés Financiers). The fund is co-managed by Spiko, a Paris-based fintech founded in 2023, and Amundi, which serves as the delegated investment manager. CACEIS Bank, a subsidiary of Crédit Agricole, acts as depositary bank and fund administrator. The fund uses fully collateralized total return swaps (TRS) with Tier 1 bank counterparties rated A- or above (Global Systemically Important Banks, or G-SIBs) to generate yields above the €STR overnight benchmark while maintaining daily (T+1) liquidity. BNP Paribas was announced as the first TRS counterparty at launch. Eligible counterparties include Société Générale, Crédit Agricole CIB, Goldman Sachs, JPMorgan, Citi, Morgan Stanley, Barclays, UBS, and HSBC. The fund is audited by PwC. Minimum investment is 1 EUR, and access is restricted to non-U.S. investors subject to KYC verification. Annual management fees are 0.25%, with no performance fees.","heading":"Entity Overview","severity":"low","sources":[{"credibility":1,"name":"Amundi and Spiko introduce SAFO — Amundi Press Release","type":"official","url":"https://int.media.amundi.com/article/spiko-and-amundi-introduce-safo"},{"credibility":2,"name":"Amundi, Spiko launch tokenized overnight swap fund — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"RWA.xyz — Spiko Amundi Overnight Swap Fund (EUR) eurSAFO","type":"on_chain","url":"https://app.rwa.xyz/assets/eurSAFO"}]},{"content":"Spiko was founded in June 2023 by Paul-Adrien Hyppolite (CEO) and Antoine Michon (COO), both former senior French civil servants. Hyppolite previously held a senior role at the French Treasury's financial markets division, focused on the regulation of financial instrument markets, and holds degrees from École normale supérieure and École Polytechnique. Michon previously served as a ministerial advisor responsible for digital transformation of public services in the French government and prior to that worked at Palantir. Spiko is licensed and supervised by the AMF and ACPR (Autorité de Contrôle Prudentiel et de Résolution) as a MiFID investment firm. In July 2025, Spiko raised $22 million in a Series A round led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance's Digital Venture Fund. Angel investors included Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, and Blackstone co-CIO Lionel Assant. At the time of its Series A, Spiko reported over $400 million in AUM achieved in its first year of operation, growing to over $1 billion in combined AUM by mid-2026. No allegations of fraud, misrepresentation, or regulatory violation have been identified for Spiko in available public records.","heading":"Issuer Background: Spiko","severity":"low","sources":[{"credibility":2,"name":"Spiko raises $22 million in Series A — The Block","type":"news_article","url":"https://www.theblock.co/post/363096/spiko-raise"},{"credibility":1,"name":"Spiko Raises $22M Led By Index Ventures — Spiko Official Blog","type":"official","url":"https://www.spiko.io/blog/spiko-raises-22m-led-by-index-ventures"},{"credibility":3,"name":"Paul-Adrien Hyppolite — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/paul-adrien-hyppolite"},{"credibility":1,"name":"Index Ventures: Spiko raises $22m to democratize access to treasury yields","type":"official","url":"https://www.indexventures.com/perspectives/spiko-raises-22m-to-democratize-access-to-treasury-yields/"}]},{"content":"The eurSAFO token represents a tokenized share in the EUR share class of the SPIKO SICAV sub-fund. The shareholder register is maintained on-chain across multiple networks: Ethereum (contract address 0x0990b149e915cb08e2143a5c6f669c907eddc8b0), Polygon PoS, Arbitrum One, Base, Etherlink, Starknet, and Stellar. As of mid-July 2026, Stellar holds the largest share of supply at approximately 73.4%, followed by Arbitrum (9.4%), Polygon (7.8%), Ethereum (7.4%), and Base (2.2%). Chainlink serves as the oracle layer, publishing the fund's Net Asset Value (NAV) on-chain in near real time, enabling automated reporting and cross-chain interoperability through Chainlink CCIP. The 7-day APY was approximately 2.48% as of data available in July 2026. Total asset value reached approximately $830 million with 6,767 token holders. 30-day transfer volume was approximately $161 million. Subscriptions and redemptions remain permissioned through Spiko's KYC-gated rails; the fund is not permissionless.","heading":"On-Chain Infrastructure and Token Details","severity":"low","sources":[{"credibility":2,"name":"RWA.xyz — eurSAFO asset page","type":"on_chain","url":"https://app.rwa.xyz/assets/eurSAFO"},{"credibility":2,"name":"Amundi, Spiko Launch SAFO with Chainlink-Powered On-Chain NAV — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/03/20/amundi-spiko-launch-safo-with-chainlink-powered-on-chain-nav/"},{"credibility":1,"name":"Spiko integrates Chainlink infrastructure for NAV data — Spiko Blog","type":"official","url":"https://www.spiko.io/blog/spiko-in-collaboration-with-caceis-integrates-chainlink-infrastructure-to-bring-nav-data-onchain"},{"credibility":2,"name":"Etherscan — eurSAFO ERC-20 token (0x0990b149...)","type":"on_chain","url":"https://etherscan.io/token/0x0990b149e915cb08e2143a5c6f669c907eddc8b0"},{"credibility":2,"name":"Europe's largest asset manager Amundi debuts $100 million tokenized fund on Ethereum, Stellar — The Block","type":"news_article","url":"https://www.theblock.co/post/394348/europes-largest-asset-manager-amundi-debuts-100-million-tokenized-fund-on-ethereum-stellar"}]},{"content":"The fund is structured as a UCITS (Undertakings for Collective Investment in Transferable Securities) sub-fund under French law, supervised by the AMF. Spiko itself is licensed by the AMF and ACPR as a MiFID investment firm, making it one of the first entities in the world to offer a fully tokenized, AMF-licensed money market fund product. Amundi, as delegated investment manager, is one of the world's most heavily regulated asset managers. CACEIS Bank, the depositary and administrator, is a regulated entity within the Crédit Agricole group. Client assets are held in segregated, bankruptcy-remote accounts. The fund is restricted to non-U.S. investors and requires KYC verification for all subscribers. No SEC, CFTC, FCA, or other non-French regulatory actions against Spiko, Amundi, or SAFO have been identified in publicly available records as of July 2026.","heading":"Regulatory Status","severity":"low","sources":[{"credibility":2,"name":"First AMF Licensed Tokenized Money Market Fund Provider Spiko Raises €4 Million In Pre-Seed Funding — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2024/06/226345-first-amf-licensed-tokenized-money-market-fund-provider-spiko-raises-e4-million-in-pre-seed-funding/"},{"credibility":1,"name":"Amundi and Spiko introduce SAFO — Amundi Press Release","type":"official","url":"https://int.media.amundi.com/article/spiko-and-amundi-introduce-safo"}]},{"content":"The fund's yield mechanism relies on fully collateralized total return swaps (TRS) with Tier 1 banking counterparties. While this differs from a conventional money market fund that directly holds short-term government securities, collateralization and restriction to G-SIBs rated A- or above mitigate direct credit risk. The structure introduces swap counterparty risk: if a counterparty defaults, collateral liquidation may not be instantaneous and could affect fund NAV under stressed market conditions. Third-party risk analysis firm Hindenrank assigned Spiko a Grade B risk rating with a score of 25/100 (lower scores indicating lower risk) and ranked it second-safest among 73 RWA protocols by TVL. The highest-risk dimension identified was scale exposure (7/10) due to the fund's rapid growth to $1.2 billion TVL. CACEIS serves as the sole custodian; any operational disruption at CACEIS could delay redemptions. The fund's largest single holder controls approximately 6.2% of supply, representing moderate concentration risk. Primary market access is exclusively through Spiko's permissioned, KYC-gated platform, meaning secondary market trading is limited and not guaranteed.","heading":"Counterparty and Structural Risks","severity":"medium","sources":[{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"},{"credibility":2,"name":"SAFO Risk Profile — Pharos","type":"research","url":"https://pharos.watch/stablecoin/safo-spiko-usd/"},{"credibility":2,"name":"RWA.xyz — eurSAFO asset page","type":"on_chain","url":"https://app.rwa.xyz/assets/eurSAFO"}]},{"content":"In April 2026, the European Central Bank published an analysis of tokenized money market funds (TMMFs) in its Macroprudential Bulletin, identifying several structural risks applicable to funds such as eurSAFO. The ECB found that the global TMMF market had grown to approximately €7 billion but remained small relative to traditional MMFs, with growth roughly doubling within a year. Key risks identified by the ECB include: (1) liquidity mismatch amplification — tokenized shares may be redeemable on a near-24/7 basis while underlying fund settlement operates on fixed daily cut-off times, creating timing gaps during periods of stress; (2) accelerated run dynamics — instant automated settlement via smart contracts may enable highly synchronized redemptions, intensifying herding behavior and liquidity pressures; (3) operational fragilities — cyber incidents, blockchain network congestion, and smart contract vulnerabilities could disrupt fund functions and NAV reporting; (4) leverage proliferation — enhanced transferability makes TMMF tokens attractive as collateral, potentially deepening cross-market exposures. The ECB concluded that the net financial stability impact of TMMFs will depend on how tokenization and the market evolve, emphasizing uncertainty during the current transition period. These risks are sector-wide and are not specific allegations against Spiko or Amundi, but are material structural considerations for any investor in eurSAFO.","heading":"Regulatory and Systemic Risk: ECB Analysis","severity":"medium","sources":[{"credibility":1,"name":"Tokenised money market funds: new technology, familiar risks? — ECB Macroprudential Bulletin, April 2026","type":"regulatory","url":"https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202604_04.en.html"}]},{"content":"A search of available public sources found no allegations of fraud, rug pull, Ponzi mechanics, insider misconduct, regulatory sanctions, enforcement actions, court filings, or consumer complaints against Spiko, Amundi, CACEIS, or the SAFO fund family. The fund's regulatory structure, institutional partners, and publicly verifiable on-chain NAV reporting represent a significantly higher level of transparency than typical crypto-native projects. Amundi is one of the world's largest and most regulated asset managers. No evidence of misappropriation of user funds, misleading marketing, or undisclosed conflicts of interest was identified.","heading":"No Fraud or Scam Indicators Found","severity":"low","sources":[{"credibility":2,"name":"Amundi, Spiko launch tokenized overnight swap fund — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"Amundi tokenized fund SAFO signals adoption of on-chain asset management — CryptoNews","type":"news_article","url":"https://cryptonews.net/news/blockchain/32578217/"}]}],"sources_used":[{"credibility":1,"name":"Amundi and Spiko introduce SAFO — Amundi Press Release","type":"official","url":"https://int.media.amundi.com/article/spiko-and-amundi-introduce-safo"},{"credibility":2,"name":"Amundi, Spiko launch tokenized overnight swap fund — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"Europe's largest asset manager Amundi debuts $100 million tokenized fund on Ethereum, Stellar — The Block","type":"news_article","url":"https://www.theblock.co/post/394348/europes-largest-asset-manager-amundi-debuts-100-million-tokenized-fund-on-ethereum-stellar"},{"credibility":2,"name":"Spiko raises $22 million in Series A — The Block","type":"news_article","url":"https://www.theblock.co/post/363096/spiko-raise"},{"credibility":1,"name":"Spiko Raises $22M Led By Index Ventures — Spiko Official Blog","type":"official","url":"https://www.spiko.io/blog/spiko-raises-22m-led-by-index-ventures"},{"credibility":1,"name":"Index Ventures: Spiko raises $22m to democratize access to treasury yields","type":"official","url":"https://www.indexventures.com/perspectives/spiko-raises-22m-to-democratize-access-to-treasury-yields/"},{"credibility":1,"name":"Spiko and Amundi partner to launch SAFO — Spiko Blog","type":"official","url":"https://www.spiko.io/blog/spiko-amundi-safo"},{"credibility":2,"name":"Amundi, Spiko Launch SAFO with Chainlink-Powered On-Chain NAV — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/03/20/amundi-spiko-launch-safo-with-chainlink-powered-on-chain-nav/"},{"credibility":1,"name":"Spiko integrates Chainlink infrastructure for NAV — Spiko Blog","type":"official","url":"https://www.spiko.io/blog/spiko-in-collaboration-with-caceis-integrates-chainlink-infrastructure-to-bring-nav-data-onchain"},{"credibility":1,"name":"Spiko Chainlink CCIP integration — Spiko Blog","type":"official","url":"https://www.spiko.io/blog/spiko-chainlink-ccip"},{"credibility":2,"name":"RWA.xyz — Spiko Amundi Overnight Swap Fund (EUR) eurSAFO","type":"on_chain","url":"https://app.rwa.xyz/assets/eurSAFO"},{"credibility":2,"name":"DefiLlama RWA — eurSAFO","type":"on_chain","url":"https://defillama.com/rwa/asset/eursafo"},{"credibility":2,"name":"Etherscan — eurSAFO ERC-20 token","type":"on_chain","url":"https://etherscan.io/token/0x0990b149e915cb08e2143a5c6f669c907eddc8b0"},{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"},{"credibility":2,"name":"SAFO Risk Profile — Pharos","type":"research","url":"https://pharos.watch/stablecoin/safo-spiko-usd/"},{"credibility":1,"name":"Tokenised money market funds: new technology, familiar risks? — ECB Macroprudential Bulletin","type":"regulatory","url":"https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202604_04.en.html"},{"credibility":2,"name":"First AMF Licensed Tokenized MMF Provider Spiko Raises €4M Pre-Seed — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2024/06/226345-first-amf-licensed-tokenized-money-market-fund-provider-spiko-raises-e4-million-in-pre-seed-funding/"},{"credibility":2,"name":"Amundi tokenized fund SAFO signals adoption of on-chain asset management — CryptoNews","type":"news_article","url":"https://cryptonews.net/news/blockchain/32578217/"},{"credibility":2,"name":"Spiko Amundi Overnight Swap Fund (EUR) — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/spiko-amundi-overnight-swap-fund-eur"},{"credibility":3,"name":"Paul-Adrien Hyppolite — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/paul-adrien-hyppolite"}],"summary":"The Spiko Amundi Overnight Swap Fund EUR (ticker: eurSAFO) is a tokenized UCITS money market fund launched in March 2026, co-developed by French fintech Spiko and Amundi, Europe's largest asset manager with approximately €2.4 trillion under management. The EUR share class is regulated by France's Autorité des Marchés Financiers (AMF) and operates as a sub-fund of SPIKO SICAV, using fully collateralized total return swaps with Tier 1 bank counterparties to deliver yields above overnight benchmarks. As of mid-2026, eurSAFO had approximately $830 million in total asset value across five blockchain networks, ranking among the largest tokenized RWA funds globally.","timeline":[{"date":"2023-06-01","event":"Spiko founded in Paris by Paul-Adrien Hyppolite and Antoine Michon, both former French government officials.","source":"Index Ventures — Spiko raises $22m","source_url":"https://www.indexventures.com/perspectives/spiko-raises-22m-to-democratize-access-to-treasury-yields/"},{"date":"2024-06-01","event":"Spiko raises approximately €4 million in pre-seed funding, becoming the first AMF-licensed tokenized money market fund provider.","source":"Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2024/06/226345-first-amf-licensed-tokenized-money-market-fund-provider-spiko-raises-e4-million-in-pre-seed-funding/"},{"date":"2025-07-17","event":"Spiko raises $22 million in Series A funding led by Index Ventures, having reached over $400 million AUM in its first year of operation.","source":"The Block","source_url":"https://www.theblock.co/post/363096/spiko-raise"},{"date":"2026-03-18","event":"Spiko and Amundi announce the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized UCITS fund launching with $100 million in committed AUM on Ethereum and Stellar with Chainlink NAV oracles.","source":"Ledger Insights","source_url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"date":"2026-03-20","event":"Chainlink integration for SAFO on-chain NAV reporting confirmed publicly.","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2026/03/20/amundi-spiko-launch-safo-with-chainlink-powered-on-chain-nav/"},{"date":"2026-04-01","event":"ECB publishes Macroprudential Bulletin article identifying liquidity, run, operational, and leverage risks in the tokenized money market fund sector.","source":"ECB Macroprudential Bulletin","source_url":"https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202604_04.en.html"},{"date":"2026-07-01","event":"Spiko combined AUM exceeds $1.6 billion across four products; eurSAFO total asset value reaches approximately $830 million with 6,767 token holders, ranking CoinGecko #73 by market cap.","source":"RWA.xyz — eurSAFO","source_url":"https://app.rwa.xyz/assets/eurSAFO"}]},"v":1}

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