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Europe’s largest asset manager decided to skip paying the operational tax and brought its fund distribution infrastructure on blockchain. Amundi (€2.4T AUM) moved $100M onto public blockchains (Ethereum and Stellar). And, it is the firm’s second blockchain-based product in five months. [RELEASE]

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The Signal: Europe's largest asset manager, Amundi is putting real money on the blockchain and it's already bigger than you think.

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What happened

Amundi and Spiko launched SAFO on March 19, 2026, with $100 million in committed assets under management. The fund is structured as a tokenized sub-fund of SPIKO SICAV, regulated under French law, and targets treasury and collateral needs for corporates and financial institutions.

SAFO uses fully collateralized total return swaps with top-tier banks to maintain overnight liquidity. Subscriptions and redemptions are available in EUR, USD, GBP, and CHF, starting from just 1 unit of each currency.

Zooming in: Amundi acts as delegated investment manager. CACEIS, Crédit Agricole’s asset servicing arm, serves as depositary bank and fund administrator. Spiko handles transfer agency, tokenization, and brokerage. The fund is currently open to eligible professional investors via Spiko, with plans to expand through an API-enabled distribution network.