Amundi, Europe’s largest asset manager with more than €2.3 trillion in assets under management, has launched a tokenized fund designed for institutional treasury and collateral management. The product, known as the Spiko Amundi Overnight Swap Fund (SAFO), debuts with approximately $100 million in committed assets and is structured under the French-regulated SPIKO SICAV framework. The initiative reflects a move by the firm toward integrating blockchain infrastructure into regulated financial products. SAFO is designed as a cash-equivalent instrument offering overnight liquidity while targeting returns above standard risk-free benchmarks. The structure relies on fully collateralized total return swaps with major banking counterparties. This approach allows the fund to maintain a conservative profile while generating yield through contractual agreements with established financial institutions. Amundi’s Multi-chain Infrastructure Supports Fund Operations The fund operates across both Ethereum and Stellar networks, with the shareholder register recorded natively onchain. Ethereum provides compatibility with smart contracts and decentralized finance systems, while Stellar is used for faster and lower-cost transaction processing. This dual-network setup allows continuous transferability of fund shares without dependence on traditional market hours or settlement delays. Chainlink infrastructure is used to publish net asset value data onchain and coordinate cross-network functionality. This enables real-time reporting and synchronization between blockchain environments. The use of automated systems reflects a broader shift toward digital fund operations focused on transparency and efficiency. Subscriptions and redemptions are available in multiple currencies, including the euro, U.S. dollar, British pound, and Swiss franc. Entry begins from one unit of each supported currency, offering flexibility within a structure aimed at institutional users. These features are designed to simplify access while maintaining a regulated framework. Institutional Framework Remains Central Despite the blockchain integration, SAFO remains anchored in established financial systems. Amundi serves as delegated investment manager, while CACEIS acts as depositary and administrator. Spiko provides transfer agency, tokenization infrastructure, and brokerage services. This structure ensures compliance with regulatory standards while enabling blockchain-based settlement. The fund differs from traditional money market products by relying on swap-based exposure instead of direct holdings of government securities. In this model, a banking counterparty provides collateral and pays a premium above benchmark rates while receiving portfolio returns. Eligible counterparties include globally systemically important banks, aligning the product with institutional risk requirements. The launch builds on Amundi’s earlier tokenization efforts in 2025 and represents a more advanced structure designed specifically for blockchain-based settlement and programmability rather than adapting existing fund formats. ETH and XLM Prices Move Lower Alongside Launch Despite Amundi’s move into blockchain-based finance, Ethereum’s market performance remained under pressure during the same period. The ETH price traded near the $2,100 level after declining from intraday highs above $2,200, with price action showing a pattern of lower highs and sustained selling pressure. The breakdown below short-term support accelerated downside momentum, placing focus on the $2,100 range as a near-term support zone. At press time, the ETH price was trading at $2,139 a 2.35% decline from the 24 hour high. Concurrently, the Stellar’s native token also recorded a mild decline, trading around $0.164 after failing to maintain momentum above the $0.168 resistance level. The price structure shifted downward during the session, with consistent lower highs indicating weakening demand. The asset is currently testing short-term support between $0.163 and $0.164.
