Europe’s largest tokenized cash market fund has landed in Solana, bringing institutional-grade money administration to one in all cryptocurrency’s most lively blockchains.
Spiko, a European fintech firm licensed and supervised by the French monetary regulator, leveraged SAFO funds to carry Solana to life.
SAFO, which stands for Spico Amundi In a single day Swap Fund, is a UCITS-compliant cash market fund managed by Amundi, Europe's largest asset administration firm, and controlled underneath French regulation.
Spiko can also be the primary European actual asset issuer to launch on Solana.
What really is SAFO
Cash market funds are one of many most secure funding automobiles in conventional finance, pooling cash and investing in short-term, low-risk devices to generate steady yields whereas conserving capital available.
SAFO achieves this utilizing totally collateralized whole return swaps with high banks, delivering yields that outperform risk-free benchmarks with in a single day liquidity.
SAFO is a tokenized sub-fund of SPIKO SICAV, a SICAV regulated underneath French regulation, designed to satisfy the monetary and collateral wants of corporations and monetary establishments.
Subscriptions and redemptions will likely be settled immediately in Circle’s USDC stablecoin, and Chainlink will present the infrastructure to file SAFO’s internet asset worth on-chain, guaranteeing clear and verifiable pricing. And Solana is now its latest blockchain residence, and maybe a very powerful given the community's measurement and exercise.
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Why Solana?
Solana is likely one of the quickest and most generally used blockchains on the planet, processing hundreds of transactions per second at minimal price. That pace and low price is just not good for a fund like SAFO, which processes a mean of 500 deposit and redemption operations each day for 10,000 lively customers, in response to information shared by Spiko. It's a will need to have.
Solana’s deep DeFi ecosystem additionally unlocks one thing that conventional cash market funds can not supply: the flexibility to make use of SAFO shares as collateral throughout lending markets, swaps, and different on-chain monetary purposes. This turns a easy money administration product into lively, productive capital.
Spico was based in June 2023 and is regulated as a MiFID funding firm by France's ACPR and AMF. CACEIS acts as SAFO's deposit financial institution and fund supervisor.
