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

Spiko Amundi Overnight Swap Fund (EUR), ticker EURSAFO, is the on-chain form of a share in SAFO, a fund created by Spiko and Amundi. Amundi is described as Europe's largest asset manager. The fund is a UCITS, the European regulated fund format, and it is supervised by the French AMF. The EUR share class is the one represented by the eurSAFO token.

The token is not a typical crypto asset with its own network or governance. It is a digital record of fund ownership. The fund aims to earn a return above the €STR, the euro short-term interest rate benchmark, while keeping overnight liquidity. It does this through fully collateralized total return swaps with large banks, starting with BNP Paribas.

The project says investors can subscribe from as little as 1 EUR. Other parties named in the setup include CACEIS, part of the Crédit Agricole group, as depositary bank, and PwC as auditor. Chainlink supplies on-chain net asset value (NAV) oracle feeds. Because it is a regulated fund product, it behaves more like a tokenized investment fund than a freely floating coin.

The main purpose of eurSAFO is to give holders exposure to a euro cash-like fund, with ownership recorded on public blockchains. The fund targets a stable yield above €STR rather than price appreciation, so the token is aimed at people who want a place to park euro-denominated value, not a speculative position.

The shareholder register for the fund is hosted on several chains. That means the token acts as the official record of who owns shares, not just a wrapper around a separate off-chain claim. The Chainlink NAV feeds publish the fund's net asset value on-chain, which lets other smart contracts read a reference price for the share.

Public sources do not say that eurSAFO carries voting rights, a fee-sharing mechanism or a governance role. It is a fund share, and its value is tied to the fund's NAV. Some listings note that tokenized products of this kind are securities restricted to qualified investors, so access and use can depend on eligibility checks. Anyone considering it should read the fund documents for the exact terms.

Supply data for EURSAFO works differently from a fixed-supply cryptocurrency. As of 2026-11-05, both circulating and total supply were reported at about 1.64 billion tokens, and no maximum supply is set. That fits a fund share: tokens are created when investors subscribe and removed when they redeem, so supply follows investor demand.

At the time of writing, the market data showed a price of about $1.14 and a market capitalization of about $1.87 billion, with fully diluted value equal to market cap. That put it around rank 50 by market cap on the tracker used for these figures. A separate on-chain view of distributed value reported a slightly lower figure, about $1.84 billion, with a NAV per token near $1.136, so small differences between sources are normal.

There is no team allocation, vesting schedule or emissions program described publicly available. Returns are meant to come from the fund's swap strategy, which is reflected in NAV, not from token rewards. The recorded all-time high was about $1.18 on 2026-08-21 and the all-time low about $1.13 on 2026-10-14, a narrow range. Because the token is euro-based, part of any move in the dollar price likely reflects the euro-dollar exchange rate.

The eurSAFO shareholder register is hosted on seven networks: Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink and Stellar. EURSAFO is not the native token of any of them. It is issued on each chain as a separate representation of the same fund share class.

In general terms, holders keep the token in a compatible self-custody wallet or with a custodian, and subscriptions and redemptions go through the issuer's process, which may require identity checks and eligibility confirmation. Because the product is described as restricted to qualified investors in some listings, it may not be open to every retail user in every country.

Some market trackers show price and volume data, so a secondary market may exist in places. The 24-hour volume was not available in the data used here. Where trading does occur, liquidity may be thin compared with the fund's size, and the market price can differ slightly from NAV. Redemption at NAV through the fund's own channels is the intended route for exiting, subject to its terms. Check which chain your wallet supports before moving tokens, since each chain's version is separate.

SAFO was launched by Spiko and Amundi as a tokenized UCITS fund. Spiko is known for tokenized funds that give on-chain access to short-term instruments, and the partnership with a large traditional asset manager is the main notable feature of this product. The launch date was not given in the data available, so it is left out here.

The tracker data shows an all-time high of about $1.18 on 2026-08-21 and an all-time low of about $1.13 on 2026-10-14. Those two points are close together, which suggests a steady price for a product built around overnight rates and a fully collateralized swap structure. A seven-day change of about 0.68% as of 2026-11-05 points the same way. No one-year change was available.

The fund's rollout across seven chains is another notable step, since it lets holders choose among Ethereum and several layer 2 networks, plus Stellar and Etherlink. No incidents, exploits or regulatory actions are mentioned in the information available. That does not mean there are none, so check the issuer's own updates.

EURSAFO is designed to be stable, but it is not risk-free. The main risks are these:

• Counterparty risk. Returns come from total return swaps with banks. Collateralization reduces exposure but does not remove it.
• Interest-rate risk. The yield is linked to €STR. If euro short-term rates fall, the return falls with them.
• Currency risk. The asset is in euros. A holder who measures value in dollars will see the dollar price shift with exchange rates.
• Access and regulatory risk. Some sources describe tokenized products like this as securities limited to qualified investors. Rules may change, and access can be restricted.
• Smart contract and oracle risk. Token contracts on seven chains and the NAV feeds are software. Bugs, bridge problems or feed errors could cause losses or incorrect pricing.
• Liquidity risk. Secondary-market trading may be thin, and redemption can depend on the fund's settlement rules and cut-off times.
• Operational risk. The structure relies on a depositary bank, auditor and fund administrators, so a failure at any point matters.

This is not investment advice, and nothing here predicts price. Read the fund's prospectus and key information documents before acting.

Because eurSAFO is a regulated fund share, safe storage starts with matching the token to the right chain. Confirm which of the seven supported networks you are using, and send a small test transfer first. Sending a token to an address on the wrong network can make it hard or impossible to recover.

A hardware wallet is a common choice for larger holdings, since it keeps private keys offline. Write the recovery phrase on paper or metal, store it somewhere private, and never type it into a website or share it with anyone. Be careful with approvals: only grant a contract permission to move your tokens when you trust it, and revoke old approvals you no longer need.

Expect to deal with eligibility checks. The issuer may restrict which wallet addresses can hold or receive the token, so a transfer to an unapproved address could fail or be blocked. Use only the issuer's official channels, and watch for impersonators, since fake sites often target tokenized-fund users. If you hold through a custodian or platform instead, check what protections and redemption rules apply to your account.