Spiko says its largest tokenized fund holds $2.39B in assets

French fintech platform Spiko hosted the world’s largest tokenized fund as of late October 2026, with about $2.39 billion in assets under management, the company said. Its reported total put it ahead of funds from Circle and BlackRock, following rapid growth in both assets and investors.

Key takeaways

• Spiko reported topping Circle’s USYC and BlackRock’s BUIDL at October’s end.
• An October funding round raised $90 million at roughly an $800 million valuation.
• Spiko’s blockchain-based money market funds operate under the EU’s UCITS framework.
• London expansion is underway, with potential U.S. entry targeted for 2027.

Spiko’s claim to the largest tokenized fund

Spiko said in a website post that its fund ranked above Circle’s USYC and BlackRock’s BUIDL at the end of October 2026. Both competitors held more than $2 billion in assets under management.

USYC’s full name is Hashnote International Short Duration Yield Fund Ltd. Spiko’s reported $2.39 billion placed its fund at the top of that comparison, despite the French platform’s lower public profile.

CEO Paul-Adrien Hyppolite linked that limited recognition partly to the company’s French origins and its early lack of a track record or established brand. After previously working as deputy head of the financial markets division at the French Treasury Department, he went on to co-found Spiko in June 2023.

Asset growth accompanies a $90 million raise

Spiko raised $90 million in October 2026 at a valuation of around $800 million. Over the three months preceding the November report, its assets grew about 30% a month, particularly in the Spiko Amundi Overnight Swap Fund, or SAFO.

The investor base expanded about 18% monthly over the same period, reaching more than 10,000 legal entities and individuals.

SAFO operates within the EU’s UCITS framework

Under the European Union’s UCITS regulatory framework, Spiko provides money market funds built on blockchain technology. That framework governs how mutual funds and exchange-traded funds available for retail distribution are created, managed and marketed across borders.

The flagship SAFO tokenized cash fund debuted seven months before the November 2026 report, in conjunction with BNP Paribas and Amundi.

London expansion precedes a possible U.S. move

Spiko is expanding beyond France into London and has registered SAFO with the UK’s Financial Conduct Authority. Hyppolite identified London as a main office alongside Paris.

The CEO said Spiko was examining the U.S. market, with potential expansion targeted for 2027, rather than describing an entry already underway. SAFO’s UK registration forms part of the platform’s expansion beyond its French base.

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Article produced with the assistance of artificial intelligence and reviewed by the editorial team.