Audit log

Every state-changing event for Spiko EU T-Bills Money Market Fund: 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 12:53:40Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"271e2e99-0e03-4268-a81d-53f986183221","kind":"publish","page_slug":"spiko-eu-t-bills-money-market-fund","published_at":"2026-07-22T12:53:40.210Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Spiko EU T-Bills Money Market Fund","sections":[{"content":"Spiko Finance is a Paris-based fintech company founded in June 2023 by CEO Paul-Adrien Hyppolite, a former deputy head of the French Treasury's financial markets division who holds degrees from École normale supérieure and École polytechnique, and COO Antoine Michon, a former ministerial advisor to the French Government on digital transformation of public services. CTO Samuel Briole completes the founding team. The company launched Europe's first AMF-approved tokenized money market UCITS funds in May 2024. The flagship product, the Spiko EU T-Bills Money Market Fund (EUTBL), is a sub-fund of the Spiko SICAV that invests 100% of its total assets in Treasury Bills issued by investment-grade Eurozone member states, targeting capital preservation and stable returns. A companion product, the Spiko US T-Bills Money Market Fund (USTBL), offers comparable exposure to US government debt. In March 2026, Spiko partnered with Amundi — Europe's largest asset manager with over €2.3 trillion in assets — to launch the Spiko Amundi Overnight Swap Fund (SAFO), a separate tokenized UCITS vehicle for treasury and collateral management.","heading":"Entity Overview and Background","severity":"low","sources":[{"credibility":2,"name":"Spiko launches the world's first tokenized Money Market Funds","type":"official","url":"https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds"},{"credibility":2,"name":"First AMF Licensed Tokenized Money Market Fund Provider Spiko Raises €4 Million In Pre-Seed Funding","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 and Spiko Launch Tokenized UCITS Fund SAFO — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"Spiko raises $22M, led by Index Ventures — Spiko blog","type":"official","url":"https://www.spiko.io/blog/spiko-raises-22m-led-by-index-ventures"}]},{"content":"The Spiko EU T-Bills Money Market Fund is structured as a short-term variable net asset value (VNAV) money market fund under EU law. It operates as a sub-fund of the Spiko SICAV, which is supervised by the French Autorité des marchés financiers (AMF) and managed by Twenty First Capital, an AMF-authorized asset management company. CACEIS Bank, a subsidiary of Credit Agricole, serves as depositary and fund administrator. Spiko Finance itself is a MiFID-authorized investment firm regulated jointly by the ACPR (Autorité de contrôle prudentiel et de résolution) and the AMF. Each EUTBL token legally represents a regulated UCITS fund share, not e-money or a stablecoin, a distinction that places it within the established European securities framework rather than the emerging MiCA crypto-asset regime. In January 2026, Spiko obtained formal MiFID investment management company status, enabling EU-wide distribution of its tokenized funds via financial passport across all 27 EU member states. Client cash is held by CACEIS at all times and is not commingled with Spiko's corporate assets. The fund's structure does not involve a novel or experimental regulatory framework; it uses the established UCITS regime with tokenization layered on top as an operational enhancement.","heading":"Regulatory Status and Legal Structure","severity":"low","sources":[{"credibility":2,"name":"Gide counsel to Spiko in structuring of Tokenized Money Market UCITS","type":"official","url":"https://www.gide.com/en/news-insights/gide-counsel-to-spiko-in-the-structuring-of-tokenized-money-market-ucits-and-a-e4m-pre-seed-fundraising/"},{"credibility":2,"name":"EUTBL by Spiko — Usual Tech Docs","type":"research","url":"https://tech.usual.money/smart-contracts/eur0-collateral/eutbl-by-spiko"},{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund — RWA.xyz","type":"on_chain","url":"https://app.rwa.xyz/assets/EUTBL"},{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"}]},{"content":"EUTBL operates on a multi-chain, public-permissioned model. The token contract is a UUPS-upgradeable ERC-20 implementation built on OpenZeppelin's audited contracts, with extensions for ERC-1363 (pay-and-call), ERC-2612 (gasless approvals via permit), and ERC-2771 (meta-transactions). As of mid-2026 the token has been deployed on Ethereum, Arbitrum One, Polygon, Base, Etherlink, Stellar, and StarkNet. Chainlink's Cross-Chain Interoperability Protocol (CCIP) is used for cross-chain transfers of fund shares. Cross-chain movements use a centralized burn-and-mint mechanism: Spiko burns tokens on the source chain and mints equivalent tokens on the destination chain upon investor request. Spiko's Net Asset Value is published on-chain via Chainlink's AggregatorInterfaceV3 oracle standard. A Permission Manager contract governs access via seven distinct permission groups using bitmask-based logic, with a super-admin multisig wallet holding upgrade authority. An investor must complete Spiko's KYC/AML onboarding before their wallet is allowlisted to hold or receive EUTBL tokens. Smart contracts were audited by Trail of Bits, a leading blockchain security firm, with the full audit report publicly available via Spiko's GitHub organization. The source code is open-source at github.com/spiko-tech/contracts. Key technical risks include: (1) the UUPS upgradeability pattern means Spiko's super-admin multisig can modify contract logic, representing a centralization vector; (2) multi-chain deployment across seven networks broadens the attack surface; (3) reliance on Chainlink CCIP for cross-chain operations introduces bridge dependency risk.","heading":"Smart Contract Architecture and Technical Risks","severity":"medium","sources":[{"credibility":2,"name":"Spiko's Smart Contracts — Spiko Tech Blog","type":"official","url":"https://tech.spiko.io/posts/spiko-smart-contracts/"},{"credibility":2,"name":"Spiko contracts — GitHub (spiko-tech/contracts)","type":"official","url":"https://github.com/spiko-tech/contracts"},{"credibility":1,"name":"EUTBL ERC-20 contract — Etherscan","type":"on_chain","url":"https://etherscan.io/token/0xa0769f7A8fC65e47dE93797b4e21C073c117Fc80"},{"credibility":2,"name":"EUTBL Risk Profile — Pharos.watch","type":"research","url":"https://pharos.watch/stablecoin/eutbl-spiko/"},{"credibility":2,"name":"Spiko Chainlink CCIP integration announcement","type":"official","url":"https://www.spiko.io/blog/spiko-chainlink-ccip"}]},{"content":"CACEIS Bank, a wholly-owned subsidiary of Credit Agricole and one of Europe's largest fund custodians, serves as the sole custodian and depositary for the Spiko UCITS funds. Under the UCITS framework, the depositary holds assets segregated from the fund manager's and Spiko's own assets, providing an established legal protection layer. However, single-custodian dependency is identified by risk analysts as the primary operational concern: any operational disruption, insolvency, or regulatory action against CACEIS would block fund redemptions and impair investor access. The fund's underlying assets — Eurozone sovereign Treasury Bills — are themselves among the lowest-risk fixed-income instruments available, with weighted average maturity under 60 days, minimizing duration and credit risk at the asset level. Eurozone sovereign debt concentration (primarily French and German T-bills) means systemic stress in those sovereign markets, while highly unlikely, would adversely affect backing asset quality.","heading":"Custody and Counterparty Risk","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":"EUTBL Risk Profile — Pharos.watch","type":"research","url":"https://pharos.watch/stablecoin/eutbl-spiko/"},{"credibility":2,"name":"Spiko Treasury Bills Euro Money Market Fund — Spiko official","type":"official","url":"https://www.spiko.io/spiko-treasury-bills-euro"}]},{"content":"EUTBL is an accumulating, total-return token: interest from underlying T-bill holdings accrues daily into the share's Net Asset Value (NAV) rather than rebasing token balances. Consequently, the token price rises over time as yield accretes, rather than distributing periodic payments. The management fee is 0.25% per year, deducted daily on a prorated basis, with no entry, exit, transaction, or account-holding fees reported by Spiko. The minimum subscription is €1,000. As of July 2026, the fund ranks approximately #64 by market capitalization on CoinGecko with a market capitalization of approximately $1 billion. Total value locked (TVL) across Spiko's full platform, including EUTBL, USTBL, and SAFO, exceeds $1.6 billion according to Hindenrank's July 2026 risk report. Supply concentration is a noted on-chain characteristic: one third-party analysis identified that approximately 99.2% of supply is held by the top 10 wallets, which reflects the fund's current institutional and corporate client base rather than broad retail distribution, but would amplify volatility if large holders redeem simultaneously.","heading":"Token Economics and Market Data","severity":"low","sources":[{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/spiko-eu-t-bills-money-market-fund"},{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund — Token Terminal","type":"research","url":"https://tokenterminal.com/explorer/projects/spiko/eutbl"},{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"},{"credibility":3,"name":"Spiko EUTBL Tokenomics review — findas.org","type":"research","url":"https://www.findas.org/tokenomics-review/coins/the-tokenomics-of-spiko-eu-t-bills-money-market-fund-eutbl/r/UegMXgCuzmpHiEem14VP86"},{"credibility":2,"name":"Breaking $1 Billion in AUM — Spiko blog","type":"official","url":"https://www.spiko.io/blog/1-billion-aum-numbers"}]},{"content":"In June 2026, Coinbase and Spiko announced a partnership enabling eligible clients to fund subscriptions and receive redemptions in USDC and EURC stablecoins, with settlement on Coinbase's Base layer-2 network. Coinbase described this as Europe's first UCITS mutual fund to accept direct stablecoin funding. The partnership eliminates traditional multi-day fiat settlement delays, enabling near-instant round-the-clock fund access. In January 2025, Spiko deployed EUTBL natively on Arbitrum One, and by late 2025 had added Stellar. In March 2026, Amundi and Spiko jointly launched SAFO, the Spiko Amundi Overnight Swap Fund, a separate tokenized UCITS vehicle using fully collateralized total return swaps; it is available in EUR, USD, GBP, and CHF and distributed via Ethereum and Stellar with Chainlink publishing its NAV on-chain. EUTBL has also been integrated as collateral within the Usual Protocol, an onchain stablecoin protocol, demonstrating third-party ecosystem adoption of the token as a trusted RWA backing asset. These institutional partnerships with regulated entities (Coinbase, Amundi, CACEIS) provide meaningful third-party validation of Spiko's operational and compliance framework.","heading":"Institutional Partnerships and Ecosystem Integration","severity":"low","sources":[{"credibility":1,"name":"Coinbase Powers Spiko's Mutual Fund with Stablecoin Funding — Coinbase Blog","type":"official","url":"https://www.coinbase.com/blog/coinbase-powers-spiko-mutual-fund-with-stablecoin-funding"},{"credibility":2,"name":"Coinbase and Spiko Unlock 24/7 Stablecoin Access to European UCITS Funds — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/06/30/coinbase-and-spiko-unlock-24-7-stablecoin-access-to-european-ucits-funds/"},{"credibility":2,"name":"Spiko announces deployment of EU and US T-Bills Funds on Arbitrum — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/spiko-announces-the-deployment-of-the-spiko-us-and-eu-t-bills-money-market-funds-on-arbitrum-302361527.html"},{"credibility":2,"name":"Amundi and Spiko Launch Tokenized UCITS Fund SAFO — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"EUTBL by Spiko — Usual Tech Docs","type":"research","url":"https://tech.usual.money/smart-contracts/eur0-collateral/eutbl-by-spiko"}]},{"content":"Spiko raised €4 million in pre-seed funding in mid-2024, advised by law firm Gide on regulatory structuring. In July 2025, Spiko announced a $22 million Series A funding round led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance's Digital Venture Fund. Notable angel investors include Nikolay Storonsky (Revolut co-founder), Jean-Luc Robert (Kyriba founder), Zach Abrams (Bridge co-founder), Harsh Sinha (Wise CTO), Lionel Assant (Blackstone co-CIO), and the founding team of Pennylane. Index Ventures published a formal announcement of the round, providing independent corroboration. The company has distributed fund management responsibility to Twenty First Capital (an established, independent AMF-authorized manager) rather than self-managing assets, which separates investment management from the tokenization infrastructure layer. No adverse corporate governance findings, related-party transaction concerns, or regulatory inquiries have been identified in publicly available sources.","heading":"Funding and Corporate Governance","severity":"low","sources":[{"credibility":1,"name":"Spiko raises $22 million in Series A — The Block","type":"news_article","url":"https://www.theblock.co/post/363096/spiko-raise"},{"credibility":2,"name":"Spiko raises $22m to democratize access to treasury yields — Index Ventures","type":"news_article","url":"https://www.indexventures.com/perspectives/spiko-raises-22m-to-democratize-access-to-treasury-yields/"},{"credibility":2,"name":"French tokenized MMF startup Spiko raises $22m — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/french-tokenized-mmf-startup-spiko-raises-22m-in-funding/"},{"credibility":2,"name":"Paris-based FinTech Spiko raises €18.9 million — EU-Startups","type":"news_article","url":"https://www.eu-startups.com/2025/07/paris-based-fintech-platform-spiko-raises-e18-9-million-to-democratise-access-to-treasury-yields/"}]},{"content":"No fraud allegations, scam reports, regulatory enforcement actions, hacks, or theft incidents involving Spiko Finance, the Spiko SICAV, or the EUTBL token have been identified in publicly available sources as of July 2026. The token's underlying assets — Eurozone sovereign Treasury Bills — are among the most creditworthy instruments in global finance, substantially reducing the probability of a backing-asset failure. Third-party risk platforms including Hindenrank (Grade B, 25/100 risk score) and Pharos have assessed the protocol as carrying low-to-moderate risk driven primarily by structural factors (smart contract upgradeability, single custodian, multi-chain bridge risk) rather than any identified misconduct. The European Central Bank published a macroprudential bulletin in April 2026 analyzing systemic risks in tokenized money market funds broadly, noting concerns about potential liquidity mismatches and regulatory arbitrage in the sector; however, this was an industry-wide analysis and did not name Spiko specifically in a critical context.","heading":"Fraud, Scam, and Enforcement History","severity":"low","sources":[{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"},{"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":3,"name":"Is Spiko EU T-Bills Money Market Fund (EUTBL) a Scam? — isthiscoinascam","type":"community_report","url":"https://isthiscoinascam.com/check/eutbl"}]}],"sources_used":[{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/spiko-eu-t-bills-money-market-fund"},{"credibility":2,"name":"Spiko launches the world's first tokenized Money Market Funds — Spiko blog","type":"official","url":"https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds"},{"credibility":2,"name":"First AMF Licensed Tokenized Money Market Fund Provider Spiko Raises €4 Million — 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":"Spiko raises $22 million in Series A — The Block","type":"news_article","url":"https://www.theblock.co/post/363096/spiko-raise"},{"credibility":2,"name":"Spiko raises $22m to democratize access to treasury yields — Index Ventures","type":"news_article","url":"https://www.indexventures.com/perspectives/spiko-raises-22m-to-democratize-access-to-treasury-yields/"},{"credibility":2,"name":"French tokenized MMF startup Spiko raises $22m — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/french-tokenized-mmf-startup-spiko-raises-22m-in-funding/"},{"credibility":2,"name":"Paris-based FinTech Spiko raises €18.9 million — EU-Startups","type":"news_article","url":"https://www.eu-startups.com/2025/07/paris-based-fintech-platform-spiko-raises-e18-9-million-to-democratise-access-to-treasury-yields/"},{"credibility":2,"name":"Gide counsel to Spiko in structuring of Tokenized Money Market UCITS","type":"official","url":"https://www.gide.com/en/news-insights/gide-counsel-to-spiko-in-the-structuring-of-tokenized-money-market-ucits-and-a-e4m-pre-seed-fundraising/"},{"credibility":2,"name":"Spiko's Smart Contracts — Spiko Tech Blog","type":"official","url":"https://tech.spiko.io/posts/spiko-smart-contracts/"},{"credibility":2,"name":"Spiko contracts — GitHub (spiko-tech/contracts)","type":"official","url":"https://github.com/spiko-tech/contracts"},{"credibility":1,"name":"EUTBL ERC-20 contract — Etherscan","type":"on_chain","url":"https://etherscan.io/token/0xa0769f7A8fC65e47dE93797b4e21C073c117Fc80"},{"credibility":2,"name":"Spiko Risk Report: Grade B, $1.2B TVL — Hindenrank","type":"research","url":"https://hindenrank.com/protocol/spiko"},{"credibility":2,"name":"EUTBL Risk Profile — Pharos.watch","type":"research","url":"https://pharos.watch/stablecoin/eutbl-spiko/"},{"credibility":1,"name":"Coinbase Powers Spiko's Mutual Fund with Stablecoin Funding — Coinbase Blog","type":"official","url":"https://www.coinbase.com/blog/coinbase-powers-spiko-mutual-fund-with-stablecoin-funding"},{"credibility":2,"name":"Coinbase and Spiko Unlock 24/7 Stablecoin Access to European UCITS Funds — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/06/30/coinbase-and-spiko-unlock-24-7-stablecoin-access-to-european-ucits-funds/"},{"credibility":2,"name":"Spiko announces deployment on Arbitrum — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/spiko-announces-the-deployment-of-the-spiko-us-and-eu-t-bills-money-market-funds-on-arbitrum-302361527.html"},{"credibility":2,"name":"Amundi and Spiko Launch Tokenized UCITS Fund SAFO — Ledger Insights","type":"news_article","url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"credibility":2,"name":"Spiko Treasury Bills Euro Money Market Fund — Spiko official","type":"official","url":"https://www.spiko.io/spiko-treasury-bills-euro"},{"credibility":2,"name":"EUTBL by Spiko — Usual Tech Docs","type":"research","url":"https://tech.usual.money/smart-contracts/eur0-collateral/eutbl-by-spiko"},{"credibility":2,"name":"Spiko Chainlink CCIP integration — Spiko blog","type":"official","url":"https://www.spiko.io/blog/spiko-chainlink-ccip"},{"credibility":2,"name":"Breaking $1 Billion in AUM — Spiko blog","type":"official","url":"https://www.spiko.io/blog/1-billion-aum-numbers"},{"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":"Spiko EU T-Bills Money Market Fund — Token Terminal","type":"research","url":"https://tokenterminal.com/explorer/projects/spiko/eutbl"},{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund (EUTBL) — IQ.wiki","type":"research","url":"https://iq.wiki/wiki/spiko-eu-t-bills-money-market-fund-eutbl"},{"credibility":2,"name":"Spiko EU T-Bills Money Market Fund — DefiLlama RWA","type":"on_chain","url":"https://defillama.com/rwa/asset/EUTBL"}],"summary":"Spiko EU T-Bills Money Market Fund (ticker: EUTBL) is a tokenized money market fund structured as a UCITS sub-fund of the Spiko SICAV, investing exclusively in short-term Eurozone sovereign Treasury Bills. It is regulated by the French Autorité des marchés financiers (AMF), managed by Twenty First Capital, and custodied by CACEIS Bank (a Credit Agricole subsidiary). As of July 2026 it ranks approximately #64 by market capitalization on CoinGecko with over $1 billion in assets under management, making it one of the largest tokenized real-world asset (RWA) products in Europe. No fraud, hack, or regulatory enforcement actions have been identified against Spiko or the fund.","timeline":[{"date":"2023-06-01","event":"Spiko Finance founded in Paris by Paul-Adrien Hyppolite (former French Treasury official), Antoine Michon (former ministerial digital advisor), and Samuel Briole.","source":"Spiko blog / Crowdfund Insider","source_url":"https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds"},{"date":"2024-06-01","event":"Spiko raises €4 million in pre-seed funding; becomes first AMF-licensed tokenized money market fund provider in Europe.","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":"2024-05-15","event":"EUTBL (Spiko EU T-Bills Money Market Fund) launches on Ethereum as the first AMF-approved tokenized UCITS money market fund.","source":"Spiko blog","source_url":"https://www.spiko.io/blog/spiko-launches-the-worlds-first-tokenized-money-market-funds"},{"date":"2025-01-01","event":"Spiko deploys EUTBL and USTBL natively on Arbitrum One, expanding multi-chain reach.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/spiko-announces-the-deployment-of-the-spiko-us-and-eu-t-bills-money-market-funds-on-arbitrum-302361527.html"},{"date":"2025-01-01","event":"Spiko obtains MiFID investment management company status from ACPR/AMF, enabling EU-wide fund distribution via financial passport.","source":"Hindenrank / Spiko","source_url":"https://hindenrank.com/protocol/spiko"},{"date":"2025-07-17","event":"Spiko raises $22 million Series A led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance Digital Venture Fund. Announced after reaching $400 million AUM in first year.","source":"The Block / Index Ventures","source_url":"https://www.theblock.co/post/363096/spiko-raise"},{"date":"2025-11-01","event":"Spiko integrates Stellar network, reaching $130.6 million in EUTBL and $28.7 million in USTBL on Stellar by year-end.","source":"Messari State of Stellar Q4 2025","source_url":"https://messari.io/report/state-of-stellar-q4-2025"},{"date":"2026-02-01","event":"Spiko announces $1 billion in assets under management across its fund range, achieved 18 months after launch.","source":"Spiko blog","source_url":"https://www.spiko.io/blog/1-billion-aum-numbers"},{"date":"2026-03-19","event":"Amundi and Spiko jointly launch the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized UCITS fund for institutional treasury and collateral management on Ethereum and Stellar.","source":"Ledger Insights","source_url":"https://www.ledgerinsights.com/amundi-spiko-launch-tokenized-overnight-swap-fund/"},{"date":"2026-06-30","event":"Coinbase and Spiko announce integration enabling stablecoin (USDC, EURC) subscriptions and redemptions for EUTBL and USTBL, settling on Coinbase's Base network. Described as Europe's first UCITS funds to accept direct stablecoin funding.","source":"Coinbase Blog / CryptoTimes","source_url":"https://www.coinbase.com/blog/coinbase-powers-spiko-mutual-fund-with-stablecoin-funding"},{"date":"2026-07-21","event":"EUTBL ranks approximately #64 by market capitalization on CoinGecko with a market cap of approximately $1 billion. Total TVL across Spiko's platform exceeds $1.6 billion.","source":"CoinGecko / Hindenrank","source_url":"https://www.coingecko.com/en/coins/spiko-eu-t-bills-money-market-fund"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 290aded7-9dc6-4b41-8fd7-1c989aeb6fa6copy