Spiko's SAFO, a tokenized UCITS fund that tracks an overnight swap strategy, held $2.38 billion in assets as of Oct. 23, the company said in a release published Oct. 29. Spiko says that is more than BlackRock's BUIDL ($2.17 billion) and the USYC fund ($2.37 billion).
SAFO is a sub-fund of SPIKO SICAV, which is authorized by France's AMF, and launched in March. Amundi Asset Management is the delegated investment manager, CACEIS Bank is the depositary, and the fund's net asset value is published onchain through Chainlink. About $1.65 billion of the assets sit on Stellar; shares are also issued on Ethereum, Arbitrum, Base, Polygon, Solana, Starknet and Etherlink.
Spiko reports more than 10,000 investors, with about 5,000 businesses holding roughly 90% of assets. All figures are company-reported and have not been independently verified. Spiko says SAFO passed BUIDL on Oct. 19 and USYC on Oct. 27, a date after the Oct. 23 figures.