Spiko, the Paris-based tokenization issuer, has raised $90 million to expand its tokenized cash-management funds across additional markets, the company said.

What does Spiko issue?

Spiko issues tokenized shares of regulated money-market funds backed by short-dated sovereign and corporate debt. The company markets the product as a blockchain-native alternative to traditional cash equivalents, with on-chain settlement running alongside conventional fund administration. The hybrid structure — distributed-ledger share registries paired with traditional custody, NAV calculation and reporting — has become the standard architecture for compliant tokenized cash products in Europe and the United States.

Where does the round sit in the tokenized funds market?

The capital raise arrives as tokenized money-market and Treasury funds have become the largest and fastest-growing segment of the real-world asset (RWA) tokenization market. BlackRock's BUIDL fund, Franklin Templeton's FOBXX and Ondo Finance's USDY anchor a category that industry tracker RWA.xyz values in the multi-billion dollar range. Spiko's raise signals that European issuers beyond the largest U.S. asset managers are now attracting institutional-scale capital, a development that broadens the geographic base of a market previously concentrated among a handful of New York-based managers.

What regulatory framework applies?

Tokenized fund issuers in Europe must operate within the bloc's Markets in Crypto-Assets (MiCA) regulation, which reached full application in late 2024 and imposes authorization, disclosure and governance obligations on issuers and crypto-asset service providers. Funds distributed across multiple member states will also need to satisfy local fund-marketing and passporting rules. Spiko's expansion strategy therefore requires coordinated compliance across both the digital-asset and traditional fund-regulation regimes, an operational burden that has favored issuers with established legal and compliance teams.

What is the operational significance?

The new capital will fund distribution build-out, additional product launches and the operational infrastructure needed to support cross-border fund offerings. Tokenized money-market funds have moved beyond their original use as yield-bearing crypto treasuries and are now used as collateral in decentralized finance (DeFi) lending markets, as settlement assets for tokenized securities trades, and as the cash leg in institutional on-chain foreign-exchange operations. That broadening utility has compressed funding timelines for issuers able to combine regulatory standing with technical execution.

What comes next?

The next milestones for Spiko will likely include new fund launches in additional European jurisdictions, deeper integration with DeFi protocols that accept its tokenized shares as collateral, and the first full reporting cycles under MiCA's expanded disclosure regime. Tokenized money-market fund assets across the industry are on track to test new highs as more issuers bring regulated products to market, and additional capital raises from competing platforms are likely through the end of the year.