Spiko Amundi Overnight Swap Fund (GBP) (GBPSAFO) Explained

Spiko Amundi Overnight Swap Fund (GBP), ticker GBPSAFO, is a tokenized share of a regulated fund. The fund is called SAFO and was launched by Spiko together with Amundi, which describes itself as Europe's largest asset manager. It is structured as a UCITS fund, the European framework for retail-eligible investment funds, and is supervised by the French AMF.

The GBP share class is the sterling version. Its token is often written gbpSAFO. According to the project description, investors can subscribe from as little as 1 GBP, which is a very low entry point compared with most traditional fund shares.

The fund aims to deliver a yield above the SONIA benchmark, the main overnight interest rate for sterling. It does this through fully collateralized total return swaps with large banks, starting with BNP Paribas, while keeping overnight liquidity. Other named service providers include CACEIS, part of Crédit Agricole group, as depositary bank, and PwC as auditor.

This is not a typical crypto token. It is a record of fund ownership that lives on blockchains, so it behaves more like an investment product than a utility or governance coin.

The token's purpose is to represent ownership of the fund's GBP share class. Holding it means holding a claim on the fund's net asset value, rather than holding a coin that powers a network or grants votes.

The stated goal is a stable, sterling-denominated return that tracks above SONIA while staying liquid on an overnight basis. People looking at products like this are generally interested in a place to hold sterling exposure on-chain that earns something closer to a money-market rate than a typical stablecoin pays.

Chainlink supplies on-chain net asset value oracle feeds, meaning smart contracts can read the fund's official per-share value. That matters for any application that wants to price the token fairly. Beyond this, the public information available do not list specific dApps, lending markets or other integrations, so this page does not claim any.

Tokenized funds of this kind can also be restricted to certain investor types or jurisdictions, and subscription and redemption normally run through the issuer's process, which may involve identity checks. Check the fund's own documentation for current eligibility rules.

GBPSAFO has no maximum supply in the way a mining or staking token does, because the number of tokens depends on subscriptions and redemptions. Shares are created when investors put money in and removed when they redeem. As of 2026-11-05, circulating and total supply were both about 42.5 million tokens, and no maximum is defined.

There is no team allocation, emissions schedule, inflation or burn mechanism in the usual crypto sense. The fully diluted value equals the market capitalization, at about $58.7 million as of 2026-11-05, which fits a token whose supply simply mirrors fund assets.

The price is about $1.38 as of 2026-11-05. It is tied to the fund's net asset value rather than market sentiment, so it moves in a narrow band. The recorded all-time high was about $1.39 on 2026-08-21 and the all-time low about $1.35 on 2026-10-14. The seven-day change was roughly 1%. The dollar figure also reflects the pound-to-dollar exchange rate, so USD moves can come from currency changes, not just fund returns.

The token ranked around 395 by market capitalization at that date. Reported 24-hour trading volume was not available.

The shareholder register is hosted on several networks: Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink and Stellar. This means the token exists in versions on each of these chains, so a holder needs to know which network their balance sits on.

Holding it works like holding other tokens. A compatible wallet for the chosen chain can receive it, and the token shows up as a balance. Stellar uses a different wallet type from the Ethereum-style networks, so addresses are not interchangeable.

Trading is limited. Reported 24-hour volume was not available, and the token is not designed for speculation. Some swap services list it, but the typical route for entering or leaving the position is subscribing to or redeeming with the fund through the issuer, not an active order book. Where a market exists, thin volume can mean wider spreads than the fund's net asset value suggests.

If you want to move it between chains, only use methods the issuer supports. Sending tokens to an address on the wrong network can mean permanent loss.

The public facts do not give a launch date for the GBP token, so this page does not state one. What is known is that the fund was set up by Spiko and Amundi as a tokenized UCITS product, with a euro share class, EURSAFO, alongside the sterling one. Search data shows the euro class is much larger than the GBP class, with a market cap in the billions against tens of millions for GBP.

Price records for GBPSAFO begin with a range between about $1.35 and $1.39 in 2026, which reflects a steady asset rather than a volatile one. No notable hacks, depegs or governance events appear.

The design choices are the more notable part. The register is spread across seven chains, the depositary is a major French bank group, an established audit firm checks the fund and an oracle provider publishes the net asset value on-chain. Those pieces suggest a deliberate attempt to bring a conventional regulated fund into on-chain form. They do not remove the risks covered below.

A regulated fund wrapper reduces some risks but leaves others. This is general information, not financial advice.

Counterparty risk. Returns depend on total return swaps with banks. The swaps are fully collateralized, but a counterparty failure or a collateral shortfall in stressed markets could still affect the fund.

Rate risk. The yield follows the SONIA benchmark. If sterling rates fall, the fund's return should fall too, and returns are not guaranteed.

Currency risk. If you measure value in dollars or another currency, the pound's exchange rate affects your result.

Access and liquidity. Subscription and redemption go through the issuer and may require identity checks or investor eligibility. Secondary market liquidity is thin, so selling on a venue may not match the net asset value.

Smart contract and bridge risk. The token is deployed across seven chains. Each deployment carries code risk, and moving tokens between chains adds more.

Regulatory risk. Rules for tokenized securities vary by country and can change. Some tokenized products are limited to qualified investors.

Since GBPSAFO is a token, you need a wallet that supports the specific network where your tokens sit. Choices include a hardware wallet for larger holdings, which keeps private keys off an internet-connected device, or a well-known software wallet for smaller amounts.

Practical habits help:

• Write down your recovery phrase offline and never type it into a website or share it with anyone.
• Confirm the network before sending. A token on Base is not the same as one on Stellar, and a mistaken transfer may be unrecoverable.
• Send a small test amount first when moving to a new address.
• Check the token contract address against the issuer's official documentation before interacting, because lookalike tokens exist.
• Be careful with approvals. Revoke permissions you no longer need.

Because this is a regulated fund share, keep records of your subscriptions, redemptions and balances for tax and reporting. Rules differ by country, so a tax professional can tell you what applies to you. Also remember that some wallets or exchanges may not support every chain version of the token.