Spiko's $2.39 Billion Tokenized Fund Quietly Outsizes BlackRock's BUIDL

French fintech Spiko says it now operates the largest tokenized fund in the world, with roughly $2.39 billion in assets under management as of late October. The Paris-based firm disclosed the milestone in a post on its website, claiming it has overtaken Circle's USYC (Hashnote International Short Duration Yield Fund Ltd) and BlackRock's BUIDL, both of which hold more than $2 billion apiece.

The ranking rests on Spiko's own figures rather than an independent audit, a caveat worth holding onto. Even so, the growth is verifiable in its trajectory: the company raised $90 million in October at a valuation of approximately $800 million, according to its announcement.

What is driving the growth?

Spiko's flagship product, the Spiko Amundi Overnight Swap Fund (SAFO), has grown about 30% per month over the last three months. The investor base has expanded roughly 18% per month over the same period, now exceeding 10,000 legal entities and individuals. At that pace, assets double roughly every two and a half months — a rate that rarely sustains indefinitely, though the base effect makes each subsequent 30% increment larger in absolute terms.

The firm offers blockchain-based money market funds under the European Union's UCITS regulatory framework, which governs the creation, management and cross-border marketing of retail-distributable mutual funds and ETFs. That passport matters commercially: a UCITS-compliant token can be marketed across EU member states without country-by-country reauthorization.

Tokenized cash equivalents such as highly liquid Treasury bills have become a cornerstone of the institutional crypto sector. BlackRock and Franklin Templeton have drawn most of the attention for launching blockchain-based funds; Spiko, by contrast, built its franchise with neither the brand nor the balance sheet of an asset-management giant.

Why has the largest tokenized fund stayed under the radar?

CEO Paul-Adrien Hyppolite, who served as deputy head of the financial markets division at the French Treasury Department before co-founding Spiko in June 2023, attributes the obscurity partly to geography.

"We started in France, so it's very French as a result," Hyppolite said in an interview. "It was also a bit more difficult because initially we were just a startup, no track record, no brand name, of course. So we are building that up."

The flagship SAFO tokenized cash fund debuted seven months ago in conjunction with BNP Paribas and Amundi — a pairing that gave a young firm institutional credibility it could not have generated alone. What Hyppolite did not say is how much of the $2.39 billion reflects Anchor counterparties versus broader distribution.

How big is the European opportunity?

Hyppolite argues the European market is structurally underpenetrated: tokenized money market funds there tie up a tiny fraction of the assets held in regular bank deposits. The United States offers the benchmark. American money market funds hold around $8 trillion, equivalent to roughly 40% of the $16 trillion to $18 trillion in cash held in U.S. bank deposits. Europe's equivalent tokenized share is a rounding error by comparison.

"I'm convinced that things will change in the sense that we will catch up," Hyppolite said. Conviction, however, is not a forecast; European bank deposits have shown little sign of migrating on-chain at scale to date.

What comes next?

Spiko is expanding beyond France, with a London launch underway. The SAFO fund is already registered with the U.K.'s Financial Conduct Authority, giving the firm a second regulatory perimeter outside the EU framework.

The takeaway in plain words: a little-known French startup now claims the top spot in tokenized funds, and its FCA registration will test whether that lead travels outside its home market.