Spiko Finance Says SAFO Is the World's Largest Tokenized Fund

Spiko Finance announced at Meridian 2026 that its Spiko Amundi Overnight Swap Fund (SAFO) ranks first globally among tokenized funds by assets under management; Blockworks Advisory has proposed it as backing for Ethena’s USDe.

SAFO is a tokenized subfund organized under French law and marketed as Smart Cash. Amundi manages its portfolio. Total-return swaps exchange the performance of an asset basket for an overnight-rate return. In a Sept. 18, 2026, snapshot, large-cap U.S. equities made up 99.9% of the basket, giving the fund equity-linked exposure rather than a Treasury-bill pool.

Blockworks Advisory, a member of Ethena’s Risk Committee, proposed adding SAFO to the backing for USDe, Ethena’s synthetic dollar. The proposal to add SAFO to USDe backing would cap the amount of SAFO used as backing at $500 million through Dec. 31, 2026, and $1 billion in 2027.