Overview
Spiko is a Paris-based digital asset management company that tokenizes money market fund shares, providing on-chain access to government securities from both the Eurozone and the United States. Registered with the French financial regulator (AMF — Autorité des Marchés Financiers), Spiko operates under the European regulatory framework, including alignment with the Markets in Crypto-Assets (MiCA) regulation.
The company offers tokenized products backed by European government bonds (French, German OATs/Bunds) and US Treasury securities, denominated in both Euro and US Dollar. These tokens provide institutional and professional investors with regulated on-chain exposure to money market yields — an offering particularly relevant as the European tokenization market develops under MiCA's clarity.
Spiko's European focus differentiates it from the predominantly US-based tokenized Treasury market (Superstate, Hashnote, Ondo). As MiCA creates a clearer regulatory framework for digital assets in Europe, Spiko is positioned to serve the European institutional market that requires local regulatory compliance and Euro-denominated products.
Technology
Spiko's tokens are ERC-20 compliant, deployed on Ethereum and potentially other EVM chains. The smart contracts handle token issuance, transfers, and compliance checks (KYC/AML allowlists). NAV updates and yield distribution are managed through the token's exchange rate mechanism. The technology is standard for tokenized fund shares — deliberately simple to minimize smart contract risk and maximize regulatory comfort.
Asset Quality
The underlying assets are high-quality government securities: European sovereign bonds (France, Germany) for Euro-denominated products and US Treasuries for Dollar-denominated products. These represent the safest fixed income instruments in their respective currencies. The money market fund structure provides liquidity and short-duration focus, minimizing interest rate risk. Portfolio management follows institutional standards with professional fund administration.
Compliance
Compliance is a core differentiator. AMF registration provides regulatory legitimacy within Europe, and alignment with MiCA creates a clear legal framework for operations. European investor protections apply, including fund segregation, regular reporting, and audited financials. The regulatory framework is particularly relevant as MiCA creates standardized rules across the EU, potentially giving MiCA-compliant firms (like Spiko) a distribution advantage throughout Europe.
Adoption
Adoption is early but positioned well for growth. The European tokenized securities market is less developed than the US market, providing greenfield opportunity. Institutional interest in tokenized money markets is growing across Europe, driven by MiCA clarity and the yield advantage of tokenized instruments. Current AUM is modest compared to US-based competitors, reflecting the European market's earlier development stage.
Tokenomics
Fund tokens represent claims on underlying money market portfolios, with yield passed through minus management fees. No separate governance or utility token — value accrual is entirely through yield distribution. The fee structure follows European fund management norms. Euro-denominated products serve a distinct market need that Dollar-denominated competitors don't address.
Risk Factors
- Early European market: European tokenized securities market is less developed
- Regulatory evolution: MiCA implementation is ongoing; details may change
- Competition: As MiCA attracts more participants, competition will intensify
- Interest rate environment: ECB rate decisions directly impact Euro money market yields
- Limited DeFi composability: Regulatory restrictions limit permissionless integration
- Geographic focus: European focus limits total addressable market vs. global competitors
Conclusion
Spiko is well-positioned as a first mover in European tokenized money markets, operating under a clear regulatory framework (AMF + MiCA) that provides institutional credibility. The dual Euro/Dollar product offering serves a genuine market need — European institutions want regulated, on-chain yield in their home currency.
The 5.5 score reflects strong compliance and asset quality with the reality of early-stage adoption in a developing market. If MiCA successfully creates a large regulated digital asset market in Europe, Spiko's early positioning and regulatory credentials could prove highly valuable. The risk is that European tokenization adoption is slower than anticipated.