Spiko Amundi Overnight Swap Fund (EUR)

EURSAFO is an on-chain representation of a regulated European money market fund managed in the Amundi complex and offered through Spiko. Each token represents a share in a fund that holds low-risk, short-dated euro instruments. Unlike a fiat stablecoin fixed at 1 unit, EURSAFO is a yield-bearing token: its price rises over time as the fund accrues interest, reflecting net asset value (NAV) rather than a static peg. It targets treasury and cash-management use cases.

The token is issued under a European regulatory framework as a share class of a money market fund. Reserves are the fund's underlying portfolio of high-quality, short-duration euro assets, held by regulated custodians and audited under MMF rules. Yield generated by those instruments accrues to the fund's NAV, so the token's redemption value climbs gradually. Access is typically gated to verified, eligible investors through KYC. Redemptions settle against the fund, tying the on-chain token to off-chain regulated assets.

EURSAFO's price is driven primarily by European short-term interest rates, since the fund earns the prevailing overnight and short-dated euro yield. When ECB rates are higher, NAV accrues faster; rate cuts slow that accrual. The token is designed to appreciate steadily rather than trade speculatively, so market sentiment plays little role. Demand comes from crypto treasuries and institutions seeking regulated, yield-bearing euro cash equivalents on-chain, and from the credibility of the fund manager and custodians.

Although low-risk, this is not risk-free: money market funds can in stressed conditions see NAV pressure, and yields fall when the ECB cuts rates. As an RWA token it carries smart-contract, custodial and issuer risk, plus regulatory and access restrictions that limit who can hold or redeem it. Liquidity on secondary markets can be thin compared with major stablecoins.