# Spiko Finance Says SAFO Is the World's Largest Tokenized Fund By John Kim Canonical URL: https://www.tokenpost.com/news/business/43467 Published: 2026-10-29T11:36:58.000Z Updated: 2026-10-29T11:36:58.000Z Section: Business > The French-law fund is marketed as Smart Cash; a Sept. 18 snapshot showed its basket was 99.9% large-cap U.S. equities. 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. ## Links in this article - [proposal to add SAFO to USDe backing](https://www.tokenpost.com/news/business/42088)