Spiko Says Its SAFO Fund Reaches $2.39B, Overtaking BUIDL and USYC

French fintech Spiko said its flagship tokenized fund held about $2.39 billion in assets under management at the end of October 2026, placing it ahead of comparable products from Circle and BlackRock. The Paris-based company disclosed the figure in a website post, claiming the top spot in the tokenized money market fund segment ahead of Circle's USYC and BlackRock's BUIDL. Both competitor funds held more than $2 billion in assets under management at the time of the comparison.

The ranking marks a rapid ascent for a platform that remains less widely known than its U.S.-based rivals. USYC, formally the Hashnote International Short Duration Yield Fund Ltd., and BlackRock's BUIDL have anchored the institutional tokenized cash market since their launches.

Who runs Spiko, and why the low profile?

CEO Paul-Adrien Hyppolite co-founded Spiko in June 2023 after serving as deputy head of the financial markets division at the French Treasury Department. He attributed the company's limited public recognition partly to its French origins and its early lack of a track record or established brand.

The growth numbers now supply that track record. Over the three months preceding the November report, Spiko's assets grew roughly 30% per month, concentrated in the Spiko Amundi Overnight Swap Fund, known as SAFO. The investor base expanded about 18% monthly over the same period and now exceeds 10,000 legal entities and individuals.

What does the $90 million raise fund?

Spiko raised $90 million in October 2026 at a valuation of approximately $800 million. The round closed as SAFO's asset base compounded, giving the company capital to pursue a two-market expansion strategy centered on London and, potentially, the United States.

The flagship SAFO tokenized cash fund debuted seven months before the November 2026 report, launched in conjunction with BNP Paribas and Amundi. That banking and asset management partnership underpins the fund's distribution and institutional credibility.

How does the UCITS structure fit in?

Spiko operates its money market funds under the European Union's UCITS regulatory framework, which governs how mutual funds and exchange-traded funds available for retail distribution are created, managed and marketed across borders. The structure distinguishes Spiko from tokenized funds operating under offshore or U.S. regulatory wrappers, and allows cross-border distribution within the bloc.

Where does Spiko expand next?

The company has registered SAFO with the UK's Financial Conduct Authority and is expanding beyond France into London, which Hyppolite identified as a main office alongside Paris. The FCA registration forms part of the platform's move beyond its French base.

On the United States, Hyppolite described the market as under examination rather than an entry already underway. He said Spiko was studying a potential U.S. expansion targeted for 2027. If the platform sustains its current growth rate through that window, the top of the tokenized money market fund table could look materially different by the time a U.S. launch decision arrives.