Spiko has climbed into third place among issuers in the tokenized fund market.
The Paris-based platform now holds $2.6 billion in issued assets inside a $34.7 billion sector, according to fresh Token Terminal data.
That figure places it ahead of Ondo Finance, Franklin Templeton, and Circle while trailing only Sky and Securitize.
Its products on Stellar power most of the advance. Those deployments account for $1.8 billion. Within that slice, eurSAFO alone contributes $1.3 billion and EUTBL adds another $259.2 million.
What Exactly Is Spiko and How Did It Reach This Spot So Quickly?
Spiko builds regulated, tokenized money-market and cash funds. Investors receive on-chain shares of UCITS vehicles that invest in short-term government bills or overnight strategies.
The company, founded in 2023, recently closed a $90 million Series B that brought total funding to roughly $120 million.
Assets have expanded more than fivefold in the past year and now serve more than 10,000 clients across 25-plus jurisdictions.
Daily liquidity, transparent net-of-fee yields, and multi-chain distribution have attracted both businesses managing treasury cash and crypto-native users seeking regulated yield.
Meanwhile, the shareholder register itself lives on public ledgers, which simplifies transfers inside allow-listed wallets.
Why Is Stellar So Central to Spiko’s Growth?
Stellar hosts the bulk of Spiko’s recent issuance. Low fees and fast settlement make the network attractive for frequent subscriptions and redemptions.
In particular, the eurSAFO share class—an overnight swap fund managed with Amundi—has drawn heavy institutional interest after receiving top S&P ratings.
Building on that momentum, EUTBL continues to provide pure euro T-bill exposure.
At the same time, Spiko maintains deployments on Arbitrum, Ethereum, Polygon, Base, and Starknet, giving clients flexibility.
How Does Spiko Stack Up Against Ondo Finance, Franklin Templeton, and Circle?
Ondo Finance and Franklin Templeton each sit near $2.5–2.6 billion, while Circle trails slightly at about $2.4 billion.
Spiko edged past them through rapid product iteration and European regulatory clarity under the AMF and UCITS framework.
In addition, its focus on euro-denominated products fills a gap left by dollar-heavy competitors. Notably, the firm’s application programming interface (API) and app access lower the barrier for non-crypto native treasury teams.
What Products Are Driving the Bulk of Spiko’s Issuance?
eurSAFO leads by a wide margin. The fund uses fully collateralised total-return swaps to deliver overnight rates and has become the primary growth engine.
EUTBL, the euro T-bills money-market fund, and smaller USD, GBP, and cash-and-carry offerings round out the lineup.
Overall, these vehicles let holders earn daily-accruing interest without lock-ups while keeping custody with established banks such as CACEIS.
What Does Spiko’s Rise Signal for the Broader Tokenized Fund Market?
The $34.7 billion market has grown more than ninefold in recent years. Spiko’s ascent shows that regulated European issuers can compete with established U.S. names when they combine compliant fund structures with efficient on-chain rails.
Furthermore, the heavy concentration on Stellar highlights how certain blockchains are becoming preferred venues for real-world asset (RWA) distribution.
Looking ahead, continued product expansion and European hiring funded by the latest raise should keep Spiko competitive.
Spiko’s climb shows a simple point: tokenized cash products that deliver genuine yield, daily liquidity, and regulatory comfort are finding real demand beyond pure crypto circles.
