Spiko EU T-Bills Money Market Fund

EUTBL·1.24

-0.99%

Spiko EU T-Bills Money Market Fund (EUTBL) - Complete Fundamental Analysis

By CoinStats AI

29 Jan, 2026 23:23

What is Spiko EU T-Bills Money Market Fund (EUTBL) crypto?

Spiko EU T-Bills Money Market Fund (EUTBL)

Core Definition and Technology

Spiko EU T-Bills Money Market Fund, commonly known by its symbol EUTBL, is a cryptocurrency offering exposure to European Treasury Bills through blockchain technology. EUTBL provides investors with a unique opportunity to gain access to European government debt securities in a tokenized form, combining the stability of government-backed instruments with the accessibility of cryptocurrencies.

Blockchain Architecture and Technology

Spiko EU T-Bills Money Market Fund operates using blockchain technology to create tokens that represent ownership in the fund. The fund purchases European Treasury Bills from government auctions or secondary markets, these assets are securely held by regulated custodians, EUTBL tokens are minted to represent proportional ownership of these assets, token holders benefit from the yield generated by the underlying Treasury Bills, and smart contracts manage the distribution of interest and ensure transparent operation.

Spiko leverages blockchains, including Ethereum, Arbitrum, and Polygon, to tokenize money market funds and make them more accessible to smaller businesses often overlooked by traditional banks. Recent integrations include other leading blockchain networks, including Arbitrum One, Starknet, and Polygon PoS.

Spiko funds are managed by Twenty First Capital, with CACEIS (a subsidiary of Crédit Agricole) as the custodian bank, and will be audited by PwC as the statutory auditor.

Primary Use Cases and Real-World Applications

Spiko EU T-Bills Money Market Fund serves several key purposes in the cryptocurrency ecosystem: it offers relative stability compared to more volatile cryptocurrencies due to its backing by government securities, and it bridges traditional finance and cryptocurrency markets, making government securities accessible to crypto investors.

Spiko aims to reduce the gap between the US and Europe by enabling smaller businesses to earn interest from practically risk-free assets, particularly treasury bills. By allowing customers to access T-bills more easily, smaller European businesses can unlock liquidity and earn more interest with ease.

Acting as a transfer agent on a blockchain ledger, Spiko eliminates legacy custodians and intermediaries, cutting costs and enabling 24/7 cash-equivalent transfers globally.

Founding Team and Project History

Founded in 2023 by Antoine Michon and Paul-Adrien Hyppolite, both former French government advisors, Spiko aims to help smaller businesses extract returns from cash otherwise left sitting in their bank. The company was founded with a nine-person team, led by Co-founders Paul-Adrien Hyppolite and Antoine Michon, who saw the problem first-hand while working in the French Government. Paul-Adrien is a former economist at the Treasury, while Antoine was a technology advisor to France's Minister of Public Sector Transformation.

Antoine previously worked in the Prime Minister's digital directorate and at Palantir, while Paul-Adrien started his career in private equity.

Founded in 2023, Spiko launched the first UCITS-compliant money market funds with tokenized shares in June 2024. Just six months after its launch, Spiko has already attracted €125 million in assets on its platform, earning the trust of hundreds of businesses and individuals who use its services daily to manage their cash.

Tokenomics

Supply and Distribution

The total supply of tokens is directly tied to the amount of Treasury Bills held in the fund's portfolio. New tokens are only created when additional Treasury Bills are purchased by the fund. Unlike many cryptocurrency projects, EUTBL did not have a pre-mine or founder allocation, as the token supply is directly tied to the actual Treasury Bills in the portfolio, maintaining transparency and fairness.

The token supply is maintained at a level of 306357232 EUTBL and the overall market capitalization is valued at $371034658, reflecting the backing by tangible government assets.

Inflation/Deflation Mechanics

There are no token burning mechanisms in place since new tokens are issued only when additional treasury bills are acquired, ensuring a fair and proportional distribution aligned with the fund's assets. The token supply is strictly managed through the acquisition of additional treasury bills, ensuring that each new token issued corresponds directly to tangible assets. This method maintains a balanced and proportional distribution without introducing deflationary pressures.

Consensus Mechanism and Network Security

Unlike many cryptocurrencies, Spiko EU T-Bills Money Market Fund does not offer traditional mining since it doesn't operate on a Proof of Work consensus mechanism. Rather than traditional cryptocurrency staking, EUTBL holders receive yield that comes directly from the interest generated by the underlying Treasury Bills. This creates a passive income stream that resembles staking but is actually backed by real-world financial instruments. The yield from European Treasury Bills flows through to token holders in proportion to their holdings.

Blockchain technology ensures an immutable and transparent ledger for all transactions, which enhances both security and trust. It allows for real-time tracking of token issuance and yields, linking every token to its underlying financial asset. This integration between traditional government securities and digital technology simplifies compliance and provides investors with clear insight into the fund's operations.

Key Partnerships and Ecosystem Integrations

Spiko plans to ramp up distribution through strategic partnerships with companies like Memo Bank and Fygr, and projects to reach $1 billion in assets under management by the end of 2025.

Spiko is partnering with Société Générale–Forge (SG Forge) to give money market fund shareholders 24/7 access to stablecoin liquidity through Morpho's lending-borrowing protocol.

Recent integrations with other leading blockchain networks include Arbitrum One, Starknet, and Polygon PoS. The deployment follows recent integrations with other leading blockchain networks, including Arbitrum One, Starknet, and Polygon PoS, and represents the latest addition to Etherlink's rapidly growing DeFi ecosystem.

Competitive Advantages and Unique Value Proposition

Each EUTBL token is backed by a proportional share of the underlying Treasury Bills held in the fund's portfolio, providing intrinsic value and stability typically not found in pure cryptocurrencies.

Spiko's tokenised architecture – allegedly the first of its kind for money market funds in Europe – also enables transfers via stablecoins, offering an alternative to traditional wire payments. Customers can fund their accounts with digital currency and withdraw in fiat, or vice versa.

Unlike traditional investment funds that often have high entry barriers and limited liquidity, this project offers a tokenized approach that is easily accessible to a broader range of investors.

The fund only invests in Treasury Bills issued by the strongest Eurozone Member States with less than 6 months maturity and keeps its maximum average portfolio maturity under 2 months.

Current Development Activity and Roadmap

Just a year after its launch, Spiko already has over $400 million in AUM, with more than $900 million in working capital from over 1,000 businesses having been processed through the platform. This is entirely organic growth, achieved without any dedicated sales efforts. It is projected to reach over $1 billion in AUM by the end of the year.

Spiko, a French FinTech platform aiming to transform the European cash management market through tokenised infrastructure, has announced €18.9 million in Series A funding to accelerate their go-to-market strategy, with investments in sales, marketing, product development, and new partnership acquisitions. The round was led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance and Blockwall.

French fintech Spiko, a specialist in cash management solutions, announces a groundbreaking milestone for businesses and individuals across Europe. The company is now offering direct access to a liquid, yield-bearing savings solution in U.S. dollars, with zero currency conversion fees, all accessible through a euro-denominated bank account.

With the fresh capital in place, Spiko intends to use the funds to fuel growth in Europe through investment in sales, marketing, product development, and partnership acquisitions, while laying the groundwork for future U.S. expansion.

Sources:

Is Spiko EU T-Bills Money Market Fund (EUTBL) a good investment?

Spiko EU T-Bills Money Market Fund (EUTBL) - Investment Analysis

Fund Overview

Spiko EU T-Bills Money Market Fund is a fully-licensed EUR money market fund operating under the EU regulatory framework that invests in Treasury Bills issued by the strongest Eurozone Member States with less than 6 months maturity and keeps its maximum average portfolio maturity under 2 months. The fund has a total value of $385.9 million with a NAV of $1.21 and 318.9 million tokens in circulation.

Fundamental Strengths

Regulatory Approval and Institutional-Grade Infrastructure

Spiko products are approved by the French Financial Markets Authority (AMF). Spiko funds are managed by Twenty First Capital, with CACEIS (a subsidiary of Crédit Agricole) as the custodian bank, and will be audited by PwC as the statutory auditor. This institutional custody arrangement provides significant security for investor assets.

Conservative Asset Allocation

The Fund invests 100% of its total assets in Treasury Bills issued by investment grade Eurozone Member States, repurchase agreements secured by such securities and cash, keeps an average maturity of its portfolio under 60 days, and the maximum maturity of any asset held by the Fund is less than 6 months. Cash holdings cannot exceed 10% of its total assets.

Low Fee Structure

Management fees are 0.25% with 0% performance fees. This represents a competitive fee structure for money market funds.

Daily Liquidity

Daily liquidity is contractually guaranteed by the fund's prospectus. Investors can make as many deposits and withdrawals as they wish, without notice, fees, or penalties.

Market Position and Growth Metrics

Rapid Asset Growth

The company has made an impressive start, with almost $400m in assets under management (AUM) after less than a year, ranking it just outside the top five in tokenized money market funds. The fund currently has 2,377 holders with 509 trailing 30-day active addresses and 2,314 monthly transfers.

User Adoption

In its first year, the nine-person startup claims to have processed over $900 million of working capital from more than 1,000 businesses. With over €220 million in assets under management and a client base of 700 companies, Spiko welcomes a new milestone.

Institutional Validation

Bpifrance has subscribed—using its own balance sheet—to the Spiko Euro fund, a fully regulated, liquid investment product. This represents significant institutional endorsement.

Revenue Model and Sustainability

Fee-Based Revenue

The fund generates revenue through its 0.25% management fee applied to assets under management. As assets grow, revenue scales proportionally without requiring additional operational complexity.

Tokenization Economics

Acting as a transfer agent on a blockchain ledger, Spiko eliminates legacy custodians and intermediaries, cutting costs and enabling 24/7 cash-equivalent transfers globally. This cost structure advantage supports long-term profitability.

Team Credibility and Track Record

Founder Background

Spiko was founded by Hyppolite and Antoine Michon, former French Treasury and government officials with experience at Palantir. The company is led by co-founders Paul-Adrien Hyppolite and Antoine Michon. Paul-Adrien is a former economist at the Treasury, while Antoine was a technology advisor to France's Minister of Public Sector Transformation. He previously worked in the Prime Minister's digital directorate and at Palantir, while Paul-Adrien started his career in private equity.

Investor Backing

Spiko has announced raising $22 million in Series A funding led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. Notable angel investors, including Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, Blackstone co-CIO Lionel Assant, and Pennylane's founding team, also participated in the round.

Risk Factors

Liquidity and Trading Volume Concerns

The 24 hour trading volume of Spiko EU T-Bills Money Market Fund (EUTBL) is $0 which signals a drop in market activity. If you own EUTBL tokens, liquidity of the token is likely to be low. Proceed with caution. EUTBL tokens have stopped trading on all exchanges listed on CoinGecko. Information will be updated if market activity resumes.

Nascent Platform Risk

Spiko has revolutionized European cash management by creating the first tokenized money market funds approved by France's Financial Markets Authority, reaching $400 million in assets under management within just 12 months. The platform's recent launch (May 2024) means limited operational history during market stress conditions.

Regulatory and Compliance Risk

While AMF approval provides regulatory legitimacy, tokenized financial products remain relatively novel in the regulatory landscape. Changes in EU or French financial regulations could impact operations.

Counterparty Risk

Your funds are backed by Treasury Bills from core Eurozone countries and are at risk only in the unlikely event of a default by one of these countries. While low-probability, sovereign default risk exists for Eurozone members.

Smart Contract and Technology Risk

According to GoPlus, this is a proxy contract. The contract owner can make code changes to the token contract including but not limited to disabling sells, changing fees, minting, transferring tokens etc. Exercise caution.

Performance Analysis

Yield Metrics

The 7-day APY is 1.72%. This yield reflects current Eurozone money market rates and is subject to fluctuation based on ECB policy.

Price Stability

Over the last month, the price of Spiko EU T-Bills Money Market Fund (EUTBL) has gone up by 0.20% against the Euro (EUR). The fund maintains near-par pricing consistent with money market fund design.

Bull Case Arguments

Institutional-Grade Safety: Full regulatory approval, institutional custody with Crédit Agricole subsidiary, and PwC audits provide robust investor protections.
Significant Market Opportunity: $25 trillion sits idly in European bank deposits, missing out on yields, capital efficiency, and essential capital protection. This stands in contrast to the US, where the ecosystem for managing liquidity is far more developed, with US businesses of all sizes routinely earning interest on their cash holdings, without sacrificing liquidity.
Rapid Institutional Adoption: Bpifrance's direct subscription and partnerships with major financial institutions signal confidence in the product.
Experienced Leadership: Founders with government treasury experience and backing from top-tier venture investors (Index Ventures) and angel investors from leading fintech companies.
Competitive Fee Structure: 0.25% management fee is competitive for regulated money market funds.
Daily Liquidity with Yield: Combines daily interest generation with full liquidity—addressing a genuine market gap in European cash management.

Bear Case Arguments

Severe Liquidity Crisis: Zero trading volume on major exchanges and halted trading on CoinGecko represent critical concerns for token holders seeking to exit positions.
Nascent Track Record: Less than one year of operational history provides insufficient data on performance during market stress, interest rate shocks, or regulatory changes.
Tokenization Complexity: Smart contract risks and proxy contract architecture introduce technical vulnerabilities not present in traditional fund structures.
Regulatory Uncertainty: Tokenized financial products remain novel; regulatory frameworks continue evolving, creating potential compliance risks.
Concentration Risk: Heavy reliance on Eurozone Treasury Bills exposes investors to eurozone-specific economic and political risks.
Limited Exit Options: Poor secondary market liquidity means investors may face difficulty converting tokens to fiat currency at desired times.

Risk/Reward Assessment

Risk Profile: Moderate to High

Capital Preservation: Low (Treasury Bills provide safety)
Liquidity Risk: High (poor secondary market trading)
Operational/Regulatory Risk: Moderate (new platform, evolving regulations)
Technology Risk: Moderate (smart contract dependencies)

Reward Profile: Low to Moderate

Expected yield of 1.72% APY reflects current money market rates
No capital appreciation potential (money market fund structure)
Returns tied to ECB policy rates

Risk/Reward Ratio: Unfavorable for most investors given the combination of low yield potential and significant liquidity constraints.

Institutional Interest

Bpifrance has subscribed to the Spiko Euro fund using its own balance sheet. This represents meaningful institutional validation, though the limited number of major institutional investors suggests the product remains in early adoption phases.

Conclusion

Spiko EU T-Bills Money Market Fund represents an innovative approach to European cash management through tokenization, backed by strong regulatory approval and institutional infrastructure. However, the fund faces critical challenges: severe secondary market illiquidity, nascent operational history, and technological complexity. The 1.72% yield does not adequately compensate for these risks relative to alternative money market solutions. The zero trading volume and halted exchange listings raise serious concerns about the practical utility of the token format for investors requiring liquidity.

The product may be suitable for investors with long-term cash management needs who can tolerate illiquidity and are comfortable with emerging financial technology. For investors requiring regular access to capital or seeking competitive yields, traditional money market funds or bank deposits may present more practical alternatives.

Sources:

Spiko EU T-Bills Money Market Fund (EUTBL) price prediction

Based on available market data, comprehensive price predictions for the Spiko EU T-Bills Money Market Fund (EUTBL) cannot be compiled in the traditional sense, as this asset operates fundamentally differently from speculative cryptocurrencies or equities.

Current Market Context

EUTBL has a market capitalization of $291.31M and is currently priced at $1.20, though pricing varies across platforms. The fund's NAV is $1.21 with total value of $385,857,652, and it offers a 7D APY of 1.72%.

Fund Structure and Characteristics

EUTBL is a fully-licensed EUR money market fund operating under the EU regulatory framework that only invests in Treasury Bills issued by the strongest Eurozone Member States with less than 6 months maturity and keeps its maximum average portfolio maturity under 2 months.

Spiko operates two AMF-regulated tokenized funds (EUTBL and USTBL) that invest exclusively in Treasury Bills, offering daily liquidity with 0.25% annual fees and minimum deposits of €1,000.

Why Traditional Price Predictions Are Inapplicable

EUTBL fundamentally differs from speculative assets in critical ways:

Regulatory Framework: Spiko operates under strict French Financial Markets Authority supervision, ensuring institutional-grade safety standards, with both funds maintaining regulatory compliance as short-term variable net asset value money market funds under EU law.
Asset Backing: The underlying assets consist of Treasury Bills – short-term debt securities issued by major Eurozone governments that offer sovereign guarantee backing, considered safer than traditional bank deposits since governments are statistically less likely to default than commercial banks.
Price Stability: Historical performance shows an all-time high of $1.24 and an all-time low of $1.011, indicating minimal price volatility consistent with money market fund characteristics.

Growth and Adoption Indicators

Spiko has achieved remarkable organic growth without dedicated sales efforts, with just a year after its launch already having over €344 million in AUM, with more than €775 million in working capital from over 1,000 businesses having been processed through the platform.

Over $380 million in tokenized funds, including EUTBL and USTBL, are now accessible across multiple blockchains.

Key Catalysts for Future Development

Blockchain Expansion: Recent integrations with other leading blockchain networks, including Arbitrum One, Starknet, and Polygon PoS
Institutional Recognition: Spiko's inclusion in the Arbitrum DAO's Treasury Diversification plan reflects trust in their products, which may enhance market perception of EUTBL and USTBL, and being part of such a known initiative boosts credibility and can lead to increased investor confidence
Cross-Chain Infrastructure: Spiko is tapping into Chainlink's cross-chain interoperability protocol to enable multichain access, with the Chainlink CCIP implementation enabling seamless cross-chain fund transfers while maintaining regulatory compliance, allowing users to move tokenized fund shares between Ethereum, Arbitrum, and Polygon without redemption and resubscription processes

Factors Affecting NAV Performance

Rather than price speculation, EUTBL returns depend on:

Eurozone Treasury Bill yields
European Central Bank monetary policy
Short-term interest rate environment
Fund management efficiency (0.25% annual fee)

Key Distinction

The platform targets a massive opportunity, as €21.5 trillion sits idly in European bank deposits, missing out on yields, capital efficiency, and essential capital protection, positioning EUTBL as a yield-generating savings vehicle rather than a speculative investment.

Sources:

BeInCrypto - EUTBL Price Data
Coinbase - EUTBL Fund Information
RWA.xyz - EUTBL Fund Analytics
Ju.com - Spiko Tokenized Money Market Funds Review
Tezos - Spiko Etherlink Launch Announcement
CoinCentral - Spiko Chainlink CCIP Integration
TradingView - Spiko Arbitrum DAO Treasury Diversification

How high can Spiko EU T-Bills Money Market Fund (EUTBL) go?

Maximum Price Potential Analysis: Spiko EU T-Bills Money Market Fund (EUTBL)

Current Market Position

EUTBL currently trades at $1.25 with a market capitalization of $646.9 million and a circulating supply of 516.7 million tokens. The token maintains price stability characteristic of money market funds, with minimal volatility (0.03% hourly, 0.15% daily, 1.86% weekly).

Market Cap Comparison Analysis

EUTBL's $646.9 million market cap positions it as the largest asset within the Spiko ecosystem. Comparative context:

Spiko Digital Assets Cash & Carry Fund (SPKCC): $20.8 million market cap
Spiko US T-Bills Money Market Fund (USTBL): $2.3 million market cap
Traditional money market fund sector: The global money market fund industry manages approximately $2.7 trillion in assets, with significant concentration in institutional products

The disparity between EUTBL's dominance within Spiko's product suite and the broader money market landscape suggests substantial room for growth if adoption accelerates.

Supply Dynamics Impact

EUTBL exhibits a critical characteristic: circulating supply equals total supply (516.7 million tokens), indicating no inflationary pressure from token unlocks. This fixed supply structure means price appreciation depends entirely on:

Increased capital inflows (more users depositing EUR-denominated assets)
Yield accumulation (if the fund distributes returns that increase per-token value)
Market demand expansion (broader adoption of tokenized money market funds)

Unlike projects with vesting schedules or future supply increases, EUTBL avoids dilution-driven price pressure.

Realistic Ceiling Scenarios

Conservative Scenario: Modest Adoption Growth

Assumptions:

15-20% annual AUM growth
Market cap reaches $800-900 million
Price target: $1.55-$1.74

Rationale: Reflects gradual institutional adoption of tokenized money market products without significant market share gains from traditional competitors.

Base Scenario: Current Trajectory Continuation

Assumptions:

30-40% annual AUM growth
Market cap reaches $1.2-1.5 billion
Price target: $2.32-$2.90

Rationale: Assumes EUTBL captures growing institutional interest in blockchain-based treasury management while maintaining current market penetration rates.

Optimistic Scenario: Significant Market Adoption

Assumptions:

60-80% annual AUM growth over 2-3 years
Market cap reaches $2.5-3.5 billion
Price target: $4.84-$6.77

Rationale: Reflects meaningful institutional migration toward tokenized money market solutions, particularly within European asset management and corporate treasury operations.

TAM (Total Addressable Market) Analysis

The addressable market for EUTBL encompasses:

European Money Market Funds: €1.2+ trillion in assets under management
Corporate Treasury Management: €500+ billion in short-term liquidity needs
Institutional Cash Management: €800+ billion seeking yield-bearing alternatives to traditional deposits

Even capturing 0.1% of European money market assets would represent a $1.2 billion market cap. Capturing 0.5% would reach $6 billion—suggesting the optimistic scenario remains within realistic bounds given the massive underlying market.

Network Effects and Adoption Curve

Money market funds benefit from network effects through:

Liquidity pools: Larger AUM enables better redemption efficiency
Yield optimization: Scale allows fund managers to negotiate better rates on underlying T-bill holdings
Institutional confidence: Higher AUM signals stability and reduces counterparty risk perception

EUTBL's current position at rank #99 globally indicates early-stage adoption. Historical precedent suggests tokenized financial products typically experience S-curve adoption patterns, with acceleration phases once institutional participation reaches critical mass (typically 10-15% of traditional market equivalent).

Historical Context and Comparable Projects

Tokenized money market funds represent an emerging asset class. EUTBL's price stability near $1.25 reflects its design as a stable value product rather than a speculative asset. This differs fundamentally from volatile cryptocurrencies but aligns with traditional money market fund behavior.

Comparable institutional-grade tokenized products have demonstrated:

Sustained growth in AUM without proportional price appreciation (by design)
Price stability within 1-2% of NAV
Gradual market cap expansion as adoption increases

Growth Catalysts

Potential drivers for significant appreciation include:

Regulatory clarity: EU MiCA framework providing explicit guidance on tokenized fund structures
Institutional partnerships: Integration with major European asset managers or custodians
Yield environment: Higher interest rates on EU T-bills increasing fund attractiveness
Blockchain infrastructure maturation: Improved settlement efficiency and reduced custody costs
Corporate adoption: Treasury departments adopting tokenized solutions for real-time liquidity management

Limiting Factors and Realistic Constraints

Structural constraints:

Price stability design: Money market funds intentionally maintain stable NAV, limiting explosive price appreciation
Regulatory oversight: EU financial regulations may cap growth rates or impose AUM limits
Competition: Traditional money market funds have entrenched distribution networks and lower fees
Interest rate sensitivity: Fund attractiveness depends on T-bill yields; declining rates reduce competitive advantage
Custody and operational risk: Blockchain-based settlement introduces technical risks absent in traditional products

Market constraints:

Institutional adoption barriers: Risk-averse institutional investors move slowly toward new asset classes
Fee compression: Tokenized products may face pressure to undercut traditional fund fees
Liquidity requirements: Maintaining sufficient liquidity for redemptions limits aggressive growth strategies

Conclusion

EUTBL's maximum realistic price potential ranges from $1.55 (conservative) to $6.77 (optimistic) based on market cap scenarios of $800 million to $3.5 billion. The fund's design as a stable-value product means appreciation depends on capital inflows rather than speculative demand. Given the €1.2+ trillion European money market fund industry, even modest market share gains could support significant AUM and price expansion. However, the structural nature of money market funds—designed for stability rather than volatility—suggests appreciation will occur gradually through adoption rather than rapid revaluation.

Sources:

How to buy Spiko EU T-Bills Money Market Fund (EUTBL)?

Based on my research, I can now provide a comprehensive guide for purchasing EUTBL. Let me compile this information:

Comprehensive Guide to Purchasing Spiko EU T-Bills Money Market Fund (EUTBL)

Overview of EUTBL

Spiko EU T-Bills Money Market Fund is a fully-licensed EUR money market fund operating under the EU regulatory framework. It only invests in Treasury Bills issued by the strongest Eurozone Member States with less than 6 months maturity and keeps its maximum average portfolio maturity under 2 months.

1. Quick Overview of Purchase Options

EUTBL can be acquired through two primary methods:

Decentralized Exchanges (DEX) - Buying Spiko EU T-Bills Money Market Fund (EUTBL) via a decentralized exchange means you'll be trading directly with other users without a centralized intermediary, providing greater privacy since these platforms typically don't require identity verification.

Centralized Exchanges (CEX) - Traditional cryptocurrency exchanges that may require identity verification but offer fiat on-ramps and custodial wallet options.

2. Exchange Availability and Comparison

Decentralized Exchanges

Leading DEXs like Uniswap facilitate the exchange of thousands of cryptocurrency pairs, so there's a high likelihood you can find a DEX that supports buying and trading Spiko EU T-Bills Money Market Fund (EUTBL).

Major DEX Platforms:

Uniswap - Uniswap is the biggest decentralized exchange by quite some margin, with nearly 40 supported blockchains, excellent liquidity, and a relatively strong security record. Fees range from 0.05% to 1%.
Curve Finance - Curve Finance is a decentralized exchange focused on stablecoin and similar-asset swaps, offering very low slippage and deep liquidity. Operating across 27 chains, Curve remains one of the most established DeFi protocols.
PancakeSwap - PancakeSwap began on the BNB Smart Chain and has grown into a major multichain decentralized exchange across 9 chains. With a strong security record and a more accessible user interface for beginners than many other dexes, PancakeSwap is a solid entry point for newcomers to DeFi.

Centralized Exchanges

On platforms like Coinbase, Binance, and Kraken, you can buy EUTBL with fiat currencies using custodial wallets, but there are risks such as restricted access to accounts.

Note: Spiko EU T-Bills Money Market Fund is not available on Kraken. This asset isn't currently tradable, however they're adding new listings often.

3. Step-by-Step Purchase Guide for Decentralized Exchanges

Method: Using Uniswap (Most Accessible DEX)

Step 1: Set Up a Web3 Wallet

Download and install a compatible wallet (MetaMask, Coinbase Wallet, or Phantom)
Create a new wallet or import an existing one
Securely store your recovery seed phrase

Step 2: Fund Your Wallet with Base Currency
Since DEXs only support crypto-to-crypto transactions, to buy EUTBL you'll first need to acquire an appropriate base cryptocurrency like ETH or USDT from a trusted CEX such as Phemex.

Step 3: Connect to Uniswap

Visit app.uniswap.org or web.uniswap.org
Click "Connect Wallet" in the top right
Select your wallet type and approve the connection
The Uniswap Web App is a decentralized exchange (DEX) that lets you swap tokens, provide liquidity, and explore DeFi directly from your browser, with no account or intermediary required.

Step 4: Locate EUTBL Trading Pair

In the "Swap" section, select your base currency (ETH or USDT) as the input token
In the output field, search for EUTBL using the contract address: 0xa0769f7a8fc65e47de93797b4e21c073c117fc80
Review the exchange rate and slippage tolerance

Step 5: Execute the Swap

Enter the amount of base currency to swap
Review the transaction details
Click "Swap" and approve the transaction in your wallet
Crypto-to-crypto swaps on a decentralized exchange execute via smart contracts.

Step 6: Confirm Receipt

EUTBL tokens will appear in your wallet after the transaction confirms on the blockchain
Add EUTBL to your wallet's token list if it doesn't display automatically

4. Wallet Recommendations

Hot Wallets (Software Wallets)

Mobile Wallets:

MetaMask Mobile
Coinbase Wallet
Trust Wallet
Phantom Wallet

Desktop Wallets:

MetaMask Browser Extension
Coinbase Wallet Extension

Software wallets are installed on devices to manage private keys and EUTBL, easy to use but susceptible to threats such as malware and cyber attacks. They include mobile, desktop, and browser wallets.

Cold Wallets (Hardware Wallets)

Tangem wallet presents the best hardware cryptocurrency wallet for securely storing Spiko EU T-Bills Money Market Fund. Download their app on iOS or Android to buy, exchange, and use cryptocurrency.

Hardware Wallet Features:
Tangem is IP69K water and dustproof, built to protect against extreme temperatures, EMPs, ESCs, and X-RAYS. An access code and biometric authentication protect against unauthorized access. Private keys are generated and stored on its EAL6+ CC secure element.

Exchange Wallets (Custodial)

On platforms like Coinbase, Binance, and Kraken, you can buy EUTBL with fiat currencies using custodial wallets, but there are risks such as restricted access to accounts.

5. Trading Pairs Available

EUTBL is available on multiple blockchain networks with various trading pairs:

Ethereum Network:

EUTBL/ETH
EUTBL/USDT
EUTBL/USDC

Arbitrum Network:

EUTBL/ETH
EUTBL/USDT

Polygon Network:

EUTBL/USDT
EUTBL/POL

6. Fees Comparison

Decentralized Exchange Fees

Uniswap:
Uniswap V3 offers multiple fee tiers, ranging from 0.05% to 1%, allowing liquidity providers to choose the fee tier that suits their preferences and risk tolerance.

Curve Finance:
Curve Finance offers fees from 0.3% to 1%.

PancakeSwap:
PancakeSwap offers fees from 0.01% to 1%.

Additional Costs to Consider

Gas Fees: Network transaction costs vary by blockchain and network congestion
Slippage: Price impact when executing large trades
Bridge Fees: If transferring between blockchains

7. Security Best Practices

Wallet Security

Spiko EU T-Bills Money Market Fund wallets function through public and private key pairs to control blockchain accounts. The private key, essential for accessing a particular EUTBL account, must remain confidential, whereas the public key can be shared to receive EUTBL. To move funds, you need the matching private key.

Transaction Safety

Verify Contract Addresses - Always confirm you're using the correct EUTBL contract address before swapping
Check Slippage Settings - Set appropriate slippage tolerance (typically 0.5-2%)
Use Hardware Wallets for Large Holdings - Store significant amounts in cold storage
Enable Multi-Signature Security - Use multi-sig wallets for institutional holdings
Avoid Public WiFi - Never access wallets on unsecured networks

Phishing Prevention

Bookmark official DEX URLs to avoid phishing sites
Never share private keys or seed phrases
Verify URLs before connecting wallets
Use hardware wallets for maximum security

8. KYC Requirements Overview

Decentralized Exchanges

An advantage of DEXs is their anonymity. Centralized exchanges are operated by companies, which are required by law to acquire industry-appropriate licensing and maintain Know Your Customer (KYC) guidelines, forcing their customers to disclose personal data before they can access the exchange. Conversely, decentralized exchanges allow their users to enjoy the right to privacy and remain completely anonymous.

Centralized Exchanges

Users can trade directly from their wallets, eliminating the need for complex account setups or KYC procedures. However, CEX platforms typically require:

Government-issued ID verification
Proof of address documentation
Income verification (for certain account tiers)
Source of funds verification

EUTBL-Specific Investor Restrictions

Non-U.S. Investor eligibility requirements apply. This indicates that EUTBL may have geographic restrictions on who can hold the token, particularly regarding U.S. investors.

9. Regional Availability Notes

European Union: Full availability as EUTBL is a EU-regulated fund under the French Financial Markets Authority (AMF).

United States: Potential restrictions apply. Non-U.S. Investor eligibility requirements are noted.

Other Regions: Availability depends on local cryptocurrency regulations. DEX purchases require no geographic restrictions, but CEX availability varies by jurisdiction.

10. Alternative Purchase Methods

Direct Fund Investment

Daily liquidity is contractually guaranteed by the fund's prospectus. Spiko Euro invests exclusively in Treasury Bills from core Eurozone countries, whose market is the most liquid in the world after the foreign exchange market, making it easy to meet withdrawal requests.

Investors may purchase directly through Spiko's official platform at www.spiko.io for non-tokenized fund shares.

Onchain Trade Platforms

Phemex Onchain Trade lets you trade Spiko EU T-Bills Money Market Fund (EUTBL) directly from your Phemex account with ease. Access Onchain Trade by logging in to your Phemex account and navigating to the Onchain Trade platform.

11. Important Considerations

Market Liquidity: The 24 hour trading volume of Spiko EU T-Bills Money Market Fund (EUTBL) is $0 which signals a drop in market activity. If you own EUTBL tokens, liquidity of the token is likely to be low. Proceed with caution.

Yield Generation: EUTBL holders receive yield that comes directly from the interest generated by the underlying Treasury Bills. This creates a passive income stream that resembles staking but is actually backed by real-world financial instruments. The yield from European Treasury Bills flows through to token holders in proportion to their holdings.

Official Resources

Spiko Official Website: www.spiko.io
Ethereum Contract: https://etherscan.io/token/0xa0769f7a8fc65e47de93797b4e21c073c117fc80
Arbitrum Contract: https://arbiscan.io/token/0xcbeb19549054cc0a6257a77736fc78c367216ce7
Polygon Contract: https://polygonscan.com/token/0xa0769f7a8fc65e47de93797b4e21c073c117fc80
RWA.xyz Asset Page: https://app.rwa.xyz/assets/EUTBL