Amundi and Spiko Expand SAFO to Solana — Europe's Largest Asset Manager Adds a New Blockchain to Its Tokenized UCITS Fund

A Major Asset Manager Just Picked Solana as Its Next Tokenized-Fund Rail

Amundi, Europe's largest asset manager, and Spiko Finance confirmed on May 17, 2026 that they will expand the Spiko Amundi Overnight Swap Fund (SAFO) to Solana — a meaningful next step for the regulated tokenized UCITS fund that has already attracted more than $400 million in assets under management since launching on Ethereum and Stellar earlier this year. The Solana expansion adds a high-throughput chain to a fund that is now one of the fastest-growing regulated tokenized products in Europe, and it signals that the institutional tokenized-treasury market is broadening from a single chain to a multi-chain operating model.

For institutional treasurers, regulated crypto investors, and the broader tokenized real-world asset market, the SAFO Solana expansion is the kind of decision that converts a successful initial deployment into a multi-chain product. The fact that Amundi specifically chose Solana as the next chain — rather than expanding only within the EVM ecosystem — is the part of the announcement that the broader market is paying attention to. It is a clear validation signal for Solana's institutional-readiness narrative.

What SAFO Actually Is

The Spiko Amundi Overnight Swap Fund is a UCITS-regulated cash management product, designed for corporate treasury and collateral management use cases. SAFO uses fully collateralized total return swaps with Tier-1 banking counterparties — starting with BNP Paribas — to deliver stable yields above risk-free benchmarks while preserving overnight liquidity. The fund is regulated by the French Financial Markets Authority (AMF), launched in four currencies (EUR, USD, GBP, CHF), and accepts subscriptions starting from 1 of the relevant currency unit. That accessibility profile is unusual for a regulated cash management product and is one of the reasons SAFO has grown so quickly.

Why the Tokenized UCITS Structure Matters

UCITS is the European regulatory framework that defines the most familiar retail and institutional fund structure on the continent. A tokenized UCITS fund inherits the full regulatory framework, the investor protections, and the operational reporting requirements that apply to any UCITS fund — and adds the on-chain operational efficiency of a tokenized share register. The combination is the architecture that lets a regulated asset manager like Amundi participate in the tokenized real-world asset trade without sacrificing the regulatory clarity its institutional clients require.

The $400M-in-Three-Weeks Trajectory

SAFO hit $400 million in assets under management within roughly three weeks of launching on Chainlink-integrated infrastructure across Ethereum and Stellar earlier this year. That growth rate made SAFO the fastest-growing tokenized fund on Chainlink — surpassing BlackRock's BUIDL fund in terms of pace of adoption. The composition of the growth tells the story of who is participating: institutional treasurers, fintechs needing tokenized collateral, and DeFi protocols looking for a regulated yield instrument that they can hold without taking on regulatory risk themselves.

The Spiko Infrastructure Is Doing the Heavy Lifting

The operational reason SAFO has been able to scale this quickly is that Spiko has built the issuance, transfer agent, and on-chain reporting infrastructure to handle the operational requirements of a regulated fund at on-chain settlement speed. The shareholder register lives on-chain. NAV reporting is automated through Chainlink. Cross-chain interoperability is handled through the same infrastructure. The result is that scaling the fund from one chain to two to three is an incremental operational expansion rather than a fresh integration each time.

Why Solana Is the Right Next Chain

The choice of Solana as the next chain for SAFO is the part of the announcement that the broader tokenized real-world asset market will analyze most carefully. Solana's high-throughput, low-fee architecture matches the operational profile of a tokenized cash management fund where users may move in and out of positions frequently and where the per-transaction cost matters for smaller subscriptions. Solana's growing ecosystem of regulated DeFi products and institutional infrastructure providers also expands the addressable market for SAFO once it lands on the chain.

The Multi-Chain Operating Model Is the Pattern to Watch

The broader signal from the SAFO Solana expansion is that the leading tokenized regulated funds are moving toward a multi-chain operating model rather than picking a single home chain. The same product can live on Ethereum for legacy DeFi integrations, Stellar for cross-border payments and corporate use cases, and Solana for high-throughput consumer and treasury flows. Each chain serves a slightly different segment of the addressable market, and the unified share register on Spiko's infrastructure lets the fund treat them as complementary rather than competing. That multi-chain operating model is the architecture other tokenized real-world asset issuers are likely to follow.

How This Lands Against the Broader Tokenized Treasury Market

The tokenized treasury market has been one of the fastest-growing segments of the broader real-world asset trade through 2025 and 2026. BlackRock's BUIDL, Franklin Templeton's BENJI, Ondo's USDY, and Spiko's earlier products have each carved out their own approach to bringing regulated yield onto the blockchain. The SAFO expansion to Solana is the kind of cross-chain commitment that signals the next leg of growth is going to be defined by which products can reach the widest addressable market across the widest set of chains. Amundi's scale — more than €2 trillion in assets under management across its broader business — gives SAFO a distribution and credibility advantage that few competing issuers can match.

The Institutional Validation Signal

For institutional allocators evaluating the regulated tokenized fund category, the structural validation point is that Europe's largest asset manager is committing meaningful infrastructure investment to the tokenized share register operating model. Amundi's involvement is not a small-bet experiment — it is the kind of strategic commitment that moves the category from "interesting innovation" to "structurally relevant institutional product." The Solana expansion extends that signal to a chain that has historically been more associated with consumer DeFi than with regulated institutional products.

The Setup Going Forward

For institutional treasurers, regulated DeFi protocols, and the broader tokenized real-world asset ecosystem, the SAFO Solana expansion is a meaningful next chapter in the growth of regulated tokenized cash management. The $400 million in AUM the fund has already attracted on Ethereum and Stellar demonstrates clear product-market fit. The Solana addition extends the addressable distribution surface. The four-currency offering with 1-unit minimum subscriptions keeps the accessibility profile broad. The Tier-1 banking counterparty structure with BNP Paribas preserves the institutional credibility. The next watch items are the rate of AUM growth on Solana after the launch goes live, the addition of further chains in subsequent quarters, the addition of further counterparties beyond BNP Paribas, and whether competing asset managers respond with their own multi-chain tokenized cash products. For investors tracking the institutional adoption of tokenized real-world assets, the SAFO Solana expansion is one of the cleanest data points to track.

Sources: MEXC News, "Amundi and Spiko Finance to Launch Regulated UCITS Fund on Solana," May 17, 2026; Spiko blog announcement, May 2026; Ledger Insights coverage, May 2026; Cryptowisser SAFO launch coverage, May 2026; Spaziocrypto SAFO AUM analysis, May 2026.