Amundi rolls out a tokenised overnight‑swap fund on Ethereum and Stellar
Paris, 19 March 2026 – Europe’s biggest asset manager, Amundi, has announced the launch of its second on‑chain investment vehicle, the Spiko Amundi Overnight Swap Fund (SAFO). The product, built in partnership with token‑isation platform Spiko, is a UCITS‑compliant fund whose shareholder register lives on both the Ethereum and Stellar blockchains. Real‑time net‑asset‑value (NAV) data are fed to the contracts by Chainlink’s decentralized oracle network.
How the fund works
Rather than holding government securities, SAFO enters fully collateralised total‑return swaps with a roster of prime banks. In the swap, a bank pays Amundi a fixed spread over risk‑free rates in exchange for the fund’s underlying investment returns. By using swaps, the fund can generate stable yields while offering investors overnight liquidity.
- Counterparties – The first swap agreement is with BNP Paribas, with additional banks such as Société Générale, Crédit Agricole CIB, Goldman Sachs, JPMorgan, Citi, Morgan Stanley, Barclays, UBS and HSBC eligible to participate.
- Currencies – Investors can buy the tokenised share in euros, dollars, pounds or Swiss francs.
- Infrastructure – Chainlink oracles capture the fund’s NAV from traditional reporting systems and publish it on‑chain, ensuring transparency for token holders on both networks.
- Roles – CACEIS acts as the depositary and administrator, while Spiko serves as the transfer agent, tokenisation platform and broker.
Why a dual‑chain architecture?
The design bridges Ethereum’s mature smart‑contract ecosystem with Stellar’s low‑cost, high‑throughput settlement layer. Ethereum provides the programmable logic needed for token issuance, governance and oracle integration, while Stellar handles the day‑to‑day token transfers at a fraction of the gas price, making it more attractive for high‑frequency retail participation.
Market context
SAFO’s debut arrives amid a rapid expansion of tokenised real‑world assets (RWAs). According to data from RWAxyz, the total distributed asset value across RWA protocols reached $27.3 billion on 19 March, a 9 % rise over the previous month. The sector has been scaling quickly since 2025, when tokenised Treasury bills and private‑credit products propelled the market from roughly $5.5 billion to nearly $19 billion in under a year. Institutional players such as BlackRock (BUIDL) and Franklin Templeton (BENJI) have further accelerated adoption.
Analyst perspective
| Aspect | Implication |
|---|---|
| Institutional credibility | Amundi’s involvement validates tokenised funds as a viable distribution channel for traditional asset managers. |
| Swap‑based yield | By using total‑return swaps, the fund can offer returns that are less correlated with sovereign‑bond price movements, appealing to investors seeking stable, yield‑focused exposure. |
| Chainlink oracles | Decentralised price feeds reduce the risk of data manipulation and bolster regulator confidence in on‑chain NAV reporting. |
| Dual‑chain cost efficiency | Leveraging Stellar for transfers could lower entry barriers for retail participants while preserving Ethereum’s security model for governance. |
| Scalability for RWA space | The product showcases how complex financial structures (swaps, collateral management) can be tokenised, signaling the next wave of RWA innovation beyond simple Treasury‑token products. |
Key take‑aways
- First mover advantage: Amundi becomes the first major European asset manager to issue a tokenised fund that relies on swap contracts rather than direct securities holdings.
- Hybrid blockchain model: The pairing of Ethereum’s smart‑contract capabilities with Stellar’s cheap settlement network offers a pragmatic template for future tokenised funds.
- Oracle‑driven transparency: Chainlink’s on‑chain NAV feeds provide continuous, tamper‑proof valuation data, addressing a long‑standing compliance hurdle for crypto‑based funds.
- Broad bank participation: The extensive list of eligible counterparties suggests strong demand from the banking sector for capital‑efficient exposure to a managed portfolio.
- RWA sector momentum: The launch adds to the growing suite of tokenised real‑world assets, reinforcing the view that RWAs are becoming a mainstream bridge between traditional finance and DeFi.
As the tokenised asset market matures, initiatives like SAFO could set the standard for how large‑scale asset managers blend legacy finance structures with blockchain technology, potentially reshaping the landscape for both institutional and retail investors
Source: https://thedefiant.io/news/defi/amundi-launches-tokenized-swap-fund-on-ethereum-and-stellar
