$2.7B Spiko Raises $90M, Passes BlackRock In Tokenized Cash

Key Points

• Spiko raised a $90 million Series B led by NEA, taking total funding to $120 million as fund assets hit $2.7 billion.
• Assets grew more than fivefold in 12 months, with over 10,000 businesses and individuals across 25-plus jurisdictions now holding Spiko funds.
• Eligible holders can pledge Spiko’s EUTBL and USTBL shares on Morpho to borrow stablecoins, and SAFO, past $1 billion, also runs on Solana.

Spiko raised $90 million in a Series B led by New Enterprise Associates on 6 October, as assets across its tokenized cash funds reached $2.7 billion. The London- and Paris-based issuer said on X it raised the money “to make cash earn for everyone, around the clock,” and claimed its funds now rank ahead of comparable tokenized cash products from BlackRock and Franklin Templeton. For a wallet holder, the part worth knowing is that Spiko’s Treasury-bill shares already work as collateral on Morpho, so eligible holders can borrow stablecoins without selling the fund.

Spiko’s $90M Raise And The Morpho Collateral Hook

Spiko closed a $90 million Series B on 6 October, led by New Enterprise Associates. It lifts total funding to $120 million.

Index Ventures, Bpifrance and Wintermute Ventures joined the round, and former Bundesbank President Axel Weber came in as an angel.

Spiko runs regulated cash funds in euros, dollars, pounds and Swiss francs, and issues the fund shares as tokens on public blockchains.

That token wrapper is the DeFi hook.

A 2025 integration with Morpho and Société Générale-Forge lets eligible investors pledge EUTBL and USTBL shares to borrow stablecoins without redeeming first.

Spiko says that gives holders 24/7 access to stablecoin liquidity.

The catch is access. The flagship UCITS funds are authorized by France’s AMF and sold in France and the EEA countries where each share class is registered.

Where Spiko’s $2.7B Sits Against BlackRock, BENJI

Assets across Spiko’s funds now total $2.7 billion, up more than fivefold over the past 12 months.

In July 2025, when Spiko adopted Chainlink CCIP to move fund shares across chains, its products held just over $380 million.

Spiko’s own post put it at nearly $3 billion held by 10,000+ users, growing more than 15% a month.

Much of the jump came from SAFO, the Spiko Amundi Overnight Swap Fund launched in March.

By July, SAFO had passed $1 billion and more than 6,500 users, roughly four months after launch.

SAFO went live on Solana in May, and Spiko later extended stablecoin borrowing to SAFO shares too.

Citing RWA.xyz data, Spiko now calls itself the largest issuer of tokenized cash funds, ahead of comparable products from BlackRock and Franklin Templeton.

That ranking covers tokenized cash funds only, not either firm’s total assets.

For a DeFi user, this matters less as a venture round than as proof that a regulated T-bill share can back a stablecoin loan on-chain.

Spiko published no yield rate with the raise, so compare yields across tokenized treasuries before picking where idle stablecoins sit.

NEA’s Bet And What Spiko Ships Next

Philip Chopin, Managing Director and Head of Europe at NEA, said the firm examined “dozens of companies” in the market before backing Spiko.

Chopin argued Spiko has solved both the regulatory and product sides of tokenized cash. That is an investor’s view, not an independent finding.

CEO Paul-Adrien Hyppolite wants cash to earn yield “by default, around the clock.” Hourly yield accrual is not live yet, and Spiko gave no date.

Exits vary by product. Certain euro funds allow instant bank withdrawals of up to €500,000 a day through SEPA Instant.

Other redemptions follow each fund’s standard settlement cycle, which is the line to check before treating a share as cash.

The rivals are moving too. BlackRock launched two more tokenized money market products in August.

In September, Franklin Templeton’s BENJI became off-exchange collateral for eligible Bybit institutional customers.

Collateral is where this race is being fought, the same pattern RWA Insider tracked when BlackRock’s BUIDL started looping through Morpho.

Spiko will spend the new money on fund launches, new markets and hiring, with local teams in Germany, Italy, Spain, the Netherlands and the Nordics.

If Spiko opens EUTBL and USTBL collateral to permissionless wallets, the tokenized cash race shifts. Until then, it is a waiting game for anyone outside the eligible investor list.

Three issuers now fight over tokenized cash, and the collateral terms each one offers matter more to your wallet than the AUM.

Frequently Asked Questions

What is Spiko and who can buy its tokenized funds?

Spiko is a London- and Paris-based issuer of regulated tokenized cash funds in euros, dollars, pounds and Swiss francs. More than 10,000 businesses and individuals across 25-plus jurisdictions use them, directly or through partner platforms. The flagship UCITS funds are authorized by France’s AMF and distributed in France and registered EEA countries.

Can I use Spiko fund shares as collateral in DeFi?

Yes, if you are an eligible investor. A 2025 integration with Morpho and Société Générale-Forge lets holders pledge EUTBL and USTBL shares to borrow stablecoins without redeeming, and Spiko later extended borrowing to SAFO shares. It is not open to any wallet.

How does Spiko compare to BlackRock and Franklin Templeton?

Citing RWA.xyz data, Spiko says its $2.7 billion makes it the largest issuer of tokenized cash funds, ahead of comparable BlackRock and Franklin Templeton products. The comparison covers tokenized cash funds only, not either firm’s total assets under management.

How fast can I withdraw from a Spiko fund?

It depends on the product. Certain euro funds support instant bank withdrawals of up to 500,000 euros a day through SEPA Instant, while other redemptions follow the fund’s standard settlement cycle. Hourly yield accrual is planned but not live yet.