Spiko's SAFO Fund Hits $2.38 Billion, Overtaking BlackRock's BUIDL

Spiko's SAFO fund reached $2.38 billion in assets under management by late October 2026, moving ahead of BlackRock's BUIDL in the market for tokenized U.S. government money-market and Treasury products. The figure places the French issuer's single fund within reach of Franklin Templeton, which held roughly $2.5 billion across its broader group of tokenized money-market funds by late 2026.

The comparison matters for how the tokenized fund market is measured. SAFO's $2.38 billion covers one Spiko vehicle. Franklin Templeton's approximately $2.5 billion spans its whole suite of tokenized money-market funds. Even on that uneven basis, the two issuers now sit in the same range at the top of the sector, with BlackRock's BUIDL displaced from the leading position it has held since entering the market.

How large is the tokenized Treasury market?

Tokenized U.S. government money-market and Treasury products were estimated at about $38 billion earlier in 2026. Against that total, SAFO's $2.38 billion represents roughly 6% of the addressable market, and the combined top-tier holdings of Spiko and Franklin Templeton account for a little over 12%. The concentration illustrates how quickly leadership positions can shift in a market where a single fund's inflows can redraw the rankings within months.

The late-October snapshot shows a European issuer competing directly with the largest U.S. asset managers in on-chain Treasury products. BlackRock launched BUIDL as an institutional-grade tokenized money-market fund and held a dominant share for an extended period. Spiko's ascent indicates that distribution advantages built by traditional asset managers do not automatically translate into durable leadership once issuers with regulated European fund structures target the same institutional demand.

What does the ranking change mean for issuers?

The operational consequence is competitive rather than technical. All three issuers operate funds that wrap U.S. government money-market exposure in tokenized form, serving investors who want yield-bearing collateral on-chain. When one fund surpasses another in assets, the shift typically reflects where large allocators — treasuries, market makers and crypto-native institutions managing stablecoin and trading balances — have chosen to park liquidity.

For Spiko, matching Franklin Templeton's scale with a single fund strengthens its position in negotiations with distribution partners and institutional clients that apply minimum size thresholds before allocating. For BlackRock, losing the top spot narrows a marketing advantage that came with being the largest tokenized fund in the category.

What comes next?

The sector's total size — roughly $38 billion earlier in 2026 — leaves substantial room for further reordering. Rankings based on late-October data can change with a single large allocation, and the gap between SAFO's $2.38 billion and Franklin Templeton's $2.5 billion group total is small enough that Spiko could claim the outright lead in the tokenized money-market category in the coming months if current inflow patterns hold.