Amundi, Europe’s largest asset manager with approximately 2.4 trillion euros in assets under management, has expanded its tokenized UCITS fund to the Solana blockchain in partnership with Spiko Finance, a France-based tokenization specialist managing over 1.7 billion dollars in assets. The announcement, made at the House of Sol event in London, marks the latest addition to a multi-chain deployment strategy that now spans eight blockchain networks.

How the SAFO Fund Works Across Multiple Chains

The Spiko Amundi Overnight Swap Fund, known as SAFO, operates as a tokenized sub-fund under SPIKO SICAV and is regulated under French law within the UCITS framework. Rather than holding government securities directly, the fund uses a fully collateralized total return swap model in which a counterparty bank pays an agreed rate above risk-free benchmarks while receiving portfolio returns. Only global systemically important banks are eligible as counterparties, with 14 approved institutions listed. CACEIS serves as both depositary bank and fund administrator.

Subscriptions and redemptions are available in euros, U.S. dollars, British pounds, and Swiss francs, with a minimum investment of one unit per currency class. The fund targets corporate treasury and collateral management use cases, positioning it as an institutional-grade product rather than a retail offering. Chainlink provides the on-chain net asset value infrastructure that supports the fund’s pricing transparency.

Solana Joins a Growing Multi-Chain Footprint

The Solana deployment extends SAFO’s presence beyond its initial launch on Ethereum and Stellar in March 2026, when the fund had approximately 100 million dollars in committed assets under management. The fund has since expanded to Polygon, Arbitrum, Base, Starknet, and Etherlink. Spiko crossed the one billion dollar milestone in assets under management within 18 months of launch, a pace that reflects growing institutional appetite for regulated tokenized money market products.

Solana’s inclusion is notable given the network’s growing institutional infrastructure. Visa, PayPal, and Stripe have all built payment-related integrations on Solana, and U.S.-listed Solana spot ETFs recently surpassed one billion dollars in total assets under management. Amundi’s entry from the traditionally conservative European asset management sector serves as an additional signal that institutional confidence in Solana’s infrastructure has moved beyond early experimentation.

Competitive Landscape in Tokenized Treasury Products

The tokenized money market and treasury segment has attracted significant attention from major asset managers in 2025 and 2026. BlackRock’s BUIDL fund, Franklin Templeton’s on-chain money market products, and offerings from Ondo Finance and Backed Finance have collectively driven the tokenized real-world assets sector past 60 billion dollars in total market capitalization. Amundi’s UCITS structure differentiates SAFO by leveraging a regulatory framework that is passportable across the European Union, offering a degree of standardization that appeals to institutional allocators subject to strict compliance requirements.

Goldman Sachs recently reduced its Solana exposure, a move that generated discussion about diverging institutional strategies. The contrast between Goldman trimming positions and Amundi expanding on the same network illustrates the range of institutional perspectives currently at play, with different firms operating on different timeframes and risk mandates.

Risks and Uncertainties

Despite the momentum, tokenized fund adoption faces several headwinds. Regulatory fragmentation between the European Union’s MiCA framework and evolving U.S. digital asset rules creates compliance uncertainty for cross-border products. Smart contract risk remains an inherent concern for any on-chain financial product, and the multi-chain strategy introduces additional complexity in terms of bridging, liquidity fragmentation, and operational oversight. The relatively small scale of tokenized assets compared to traditional markets means that liquidity depth and secondary market activity remain limited.

Whether institutional demand for on-chain treasury products continues to accelerate or plateaus will depend on the pace of regulatory clarity, the reliability of blockchain infrastructure under institutional-scale volumes, and the willingness of large allocators to move beyond pilot programs into production deployments.

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