Spiko Amundi Overnight Swap Fund (SAFO): Uses and Risks

Spiko Amundi Overnight Swap Fund, ticker SAFO, is a tokenized fund share rather than a typical crypto token. It represents a unit in a UCITS fund launched by Spiko together with Amundi, which is described as Europe's largest asset manager. UCITS is the European regulatory framework for retail-eligible investment funds, and the fund is supervised by the French financial regulator, the AMF.

The fund aims to behave like a cash-management product. Instead of holding only short-term bonds, it gets its return mainly through fully collateralized total return swaps with large banks, starting with BNP Paribas. The goal is a yield modestly above the EFFR, the US effective federal funds rate, while keeping overnight liquidity. The USD share class discussed here can be subscribed with as little as 1 USD.

Several traditional institutions sit behind the token. CACEIS, part of the Crédit Agricole group, acts as depositary bank. PwC is the auditor. Chainlink supplies on-chain net asset value (NAV) oracle feeds, so smart contracts can read the fund's official price. The shareholder register itself is hosted on public blockchains, which is what makes the shares tokens.

The main purpose of SAFO is to give investors a dollar-denominated place to hold cash-like money that earns a rate linked to overnight interest, with the settlement and record-keeping done on a blockchain. It is a yield-bearing alternative to holding idle dollars or stablecoins, though it is a regulated fund and not a stablecoin.

Because shares are on-chain tokens and a Chainlink feed publishes the NAV, developers can in principle build DeFi integrations around them, for example using the shares as collateral or treasury holdings. Our categories list SAFO under both DeFi tokens and real-world asset (RWA) tokens for this reason. Any specific integration should be checked with the protocol in question, since public information here do not list them.

SAFO has no governance rights, no fee-sharing and no protocol function that we know of. Holding it is economically a claim on a fund's assets, subject to the fund's documents, rather than a vote on a network. The tiny minimum of 1 USD is meant to make a product that is usually aimed at larger institutions accessible to smaller holders.

SAFO has no fixed supply schedule or emission design in the usual crypto sense. Supply is expected to expand and contract as investors subscribe and redeem fund shares, and no maximum supply is defined. At the time of writing (as of 2026-11-05), the data shows about 235.3 million units in circulation, equal to the total supply, so the fully diluted value matches the market capitalization at about $241.6 million.

The price is about $1.03 per share as of 2026-11-05. The recorded all-time high of about $1.027 was on 2026-11-04 and the all-time low of about $1.015 was on 2026-07-23. That narrow band, with the high set only a day before, is consistent with a fund whose value moves with accrued interest rather than market speculation. The seven-day change was a fraction of one percent. Trading volume was not available.

There is no team allocation, vesting or token inflation to speak of. The relevant numbers are the fund's NAV, its fees and its holdings, all of which are set out in the fund documentation rather than a token contract. Readers should read the prospectus for the share class they are interested in.

SAFO shares are issued across several networks. The data lists Ethereum, Polygon, Arbitrum, Base, Starknet and Stellar as issuance chains, and the project description also names Etherlink, with Polygon PoS and Arbitrum One as the specific variants. The register is hosted on these chains, so a holder's balance is recorded as a token on whichever network they use.

SAFO is not the native token of any chain. To hold it, a person generally needs a wallet that supports the chosen network and enough of that network's native coin to pay fees. Stellar uses a different account model from the Ethereum-style chains, so wallets and setup steps differ.

Subscription and redemption of a regulated fund usually run through the issuer's platform and involve onboarding checks, such as identity verification and eligibility rules. Exact requirements, such as which investor types or countries are allowed, should be confirmed with Spiko directly. Secondary trading on decentralized exchanges or in DeFi may exist in places, but liquidity can be thin for a token like this, and the fund's own overnight redemption mechanism is the intended liquidity route.

SAFO is new. The data does not give a precise launch date, but the earliest coverage in the results is from mid-March 2026, when Amundi's launch of the fund was reported along with Chainlink's role in supplying NAV data. One early report described the vehicle as being about $100 million at the time.

Since then the product appears to have grown. As of 2026-11-05 the token's market capitalization is about $241.6 million, ranking it around 148th in our data. A more recent report cited a much larger tokenized figure, about $2.38 billion, in connection with Spiko; the wording of the snippet does not make clear whether it covers SAFO alone or Spiko's products overall, so we do not rely on it.

A separate euro share class, shown as EURSAFO, also exists and trades at a different price level because it is denominated in euros. It is a different token with its own supply.

Beyond launch and growth, we have no verified record of incidents, audits of smart contracts or changes to the fund's strategy. Readers should check the issuer's announcements for the latest information.

Holding SAFO is not risk free, even though it is designed to be conservative. The main risks are these.

Counterparty risk. The fund's return depends on total return swaps with banks. The swaps are described as fully collateralized, which reduces but does not remove exposure if a counterparty or the collateral falls short.

Interest-rate risk. The yield tracks short-term rates. If rates fall, returns fall with them, and the intended spread above EFFR is a target, not a guarantee.

Structural and legal risk. A UCITS fund can suspend or limit redemptions in stressed conditions under its rules. Tokenization adds smart-contract, bridge, oracle and chain-specific risks, including reliance on the Chainlink NAV feed.

Liquidity and access risk. On-chain secondary markets can be thin, and subscriptions may require passing eligibility checks.

Currency risk. For holders whose home currency is not the dollar, exchange-rate moves affect the value in their own terms.

This page is general information, not financial advice, and it makes no prediction about the price or returns.

Because SAFO is a token on public blockchains, it is held in a wallet like any other token, though the details depend on how it was subscribed and which chain is used. Start by confirming the exact chain and contract or asset details from Spiko's official documentation, since tokens of similar names and the euro share class EURSAFO could be confused with it.

For larger holdings, a hardware wallet that supports the relevant network is a sensible option, with the recovery phrase written down offline and never shared or typed into websites. Check the receiving address and network before every transfer, since sending to the wrong chain can result in lost funds. For Stellar, make sure the wallet supports the required asset trustline setup.

Be cautious with approvals when connecting to DeFi apps, and revoke permissions you no longer need. Be wary of unsolicited messages offering bonus yields or asking you to verify a wallet, which are common scams around new tokenized products. Keep records of subscriptions and redemptions, because a regulated fund may have tax reporting implications that depend on your country.