USTBLMoney Market Fund

Spiko US T-Bills Money Market Fund

AUM: $113.6M
30D change: -6.5%
Yield · 30-day net: 4.07%
NAV: 1.0300
Management fees: 0.10%
Minimum: $1K
Redemption: Daily
Launched: 10 Sept 2024

Depends onState Street Fireblocks Custody & Transfer Infrastructure Pyth Price Feeds Chainlink CCIP

Field coverage 96%Primary-source or on-chain verified 67% of tracked metrics2/2 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

The dollar sibling of EUTBL, giving European investors US Treasury exposure inside an EU-regulated money market fund wrapper rather than an offshore vehicle — materially simpler for EU compliance teams than the BVI structures.

Underlying asset: US Treasury bills
Asset class: Money Market Fund
Product structure: Tokenized Fund
Legal structure: EU MMFR Short-Term Fund
Issuer jurisdiction: European Union
Fund domicile: France
Base currency: USD
Launched: 10 Sept 2024

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


BENJI	4.02%	0.20%	$20	$1.27B
WTGXX	3.94%	0.25%	$1	$655.9M
UBS-MMF	4.70%	0.20%	$100K	$300M
USTBLthis product	4.07%	0.10%	$1K	$113.6M
SCHR-MALF	4.85%	0.20%	$100K	$75M
BENJI-LU	3.96%	0.25%	$50K	$51.7M
MPL-CASH	5.15%	0.50%	$100K	$45M

Issuer

Who runs it

Spiko

Paris, France

AMF-authorised manager running euro- and dollar-denominated money market funds natively on public chains. The most complete European answer to the US tokenized treasury complex, and the only one with a euro-denominated flagship.

Portfolio

Composition

US Treasury bills95.8%
Cash4.2%

Weighted average maturity

26 days

On-chain history begins 13 Sept 2026 and covers 59 days of readings, with gaps on days the indexer could not read every chain.

AUM

$113.6M

Assets under management

-6.5% over 59 days held

Yield

4.07%

Yield history. 30-day net

No on-chain history recorded for this series yet.

NAV

1.0300

NAV per token

No on-chain history recorded for this series yet.

Movement

Recent daily movement

Net movement -$7.8MOver 59 daysChange -6.5%


13 Nov 2026	$113.6M	-$496.9K	-0.4%
12 Nov 2026	$114.1M	$0	0.0%
11 Nov 2026	$114.1M	-$762	-0.0%
10 Nov 2026	$114.1M	$47.1K	+0.0%
09 Nov 2026	$114M	$0	0.0%
08 Nov 2026	$114M	$0	0.0%
07 Nov 2026	$114M	$7.2K	+0.0%
06 Nov 2026	$114M	$186.9K	+0.2%
05 Nov 2026	$113.8M	$161.7K	+0.1%
04 Nov 2026	$113.7M	$1M	+0.9%

Holdings

Disclosure

Underlying portfolio

				Share
US Treasury bills	Treasury bills	0–6 months	95.8%
Cash	Cash & equivalents	-	4.2%

Exposure

What you actually own

Economic exposure is to us treasury bills. Weighted average maturity is 26 days, which sets how quickly the portfolio reprices as rates move.

Treasury bills: 95.8%
Cash & equivalents: 4.2%

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 14:00 CET, business days
Settlement: T+1 USD
Redemption fee: None
Secondary venues: None disclosed
Transfer restrictions: Transfers restricted to KYC-verified holders within the fund's register.

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+1 USD

Off-hours exit

Constrained to 14:00 CET, business days

Secondary market

No secondary venue: primary redemption is the only exit

Transferability

Allow-listed wallets only

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued bySpikoParis, Francederived Administered bySpikoParis, Francederived Transfer agent of recordSpikoParis, Francederived

Custody

Where the backing assets actually sit.

Custodied byState StreetBoston, United Statesderived Custodied byFireblocks Custody & Transfer InfrastructureFireblocksderived

Platform & data

The software and price sources the product runs on.

Price feed powered byPyth Price FeedsPythderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Settles viaChainlink CCIPChainlink Labsderived Deployed onEthereumpublic l1 · 70% of supplyderived Deployed onPolygon PoSpublic l2 · 12% of supplyderived Deployed onArbitrum Onepublic l2 · 17% of supplyderived Deployed onBasepublic l2 · 2% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0xe488024974…D560e750	69.7%
Arbitrum One	public l2	0x021289588c…F68303F5	16.7%
Polygon PoS	public l2	0xe488024974…D560e750	11.6%
Base	public l2	0xe488024974…D560e750	1.9%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: State Street· Boston, United States
Administrator: Spiko· Paris, France
Transfer agent: Spiko· Paris, France
Tokenization platform: Spiko· Paris, France
Oracle / attestation: Spiko NAV publication

Access

Classification

Who may hold this

RetailEligible

AccreditedNot eligible

ProfessionalEligible

InstitutionalEligible

Minimum investment: $1,000
Allow-list required: Yes
Transfer restrictions: Transfers restricted to KYC-verified holders within the fund's register.

Geography

Where it is available

United StatesNot available

European UnionAvailable

SingaporeNot available

United KingdomNot available

SwitzerlandNot available

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

−United States
−US persons

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: EU MMFR Short-Term Fund
Product structure: Tokenized Fund
Fund domicile: France
Issuer jurisdiction: European Union
Transfer agent: Spiko

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

UCITS-style Prospectus (AMF)prospectus · 28 Feb 2026Parsed & verified↗Key Information Documentfactsheet · 28 Feb 2026Parsed & verified↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

Net movement -$7.8MOver 59 daysChange -6.5%


13 Nov 2026	$113.6M	-$496.9K	-0.4%
12 Nov 2026	$114.1M	$0	0.0%
11 Nov 2026	$114.1M	-$762	-0.0%
10 Nov 2026	$114.1M	$47.1K	+0.0%
09 Nov 2026	$114M	$0	0.0%
08 Nov 2026	$114M	$0	0.0%
07 Nov 2026	$114M	$7.2K	+0.0%
06 Nov 2026	$114M	$186.9K	+0.2%
05 Nov 2026	$113.8M	$161.7K	+0.1%
04 Nov 2026	$113.7M	$1M	+0.9%
03 Nov 2026	$112.7M	$699.9K	+0.6%
02 Nov 2026	$112M	$0	0.0%
01 Nov 2026	$112M	$0	0.0%
31 Oct 2026	$112M	$1.6M	+1.4%
30 Oct 2026	$110.4M	$12.3K	+0.0%
29 Oct 2026	$110.4M	$143.1K	+0.1%
28 Oct 2026	$110.2M	-$928.7K	-0.8%
27 Oct 2026	$111.2M	-$570.4K	-0.5%
26 Oct 2026	$111.7M	$0	0.0%
25 Oct 2026	$111.7M	$0	0.0%
24 Oct 2026	$111.7M	$86.7K	+0.1%
23 Oct 2026	$111.6M	$853.2K	+0.8%
22 Oct 2026	$110.8M	$35.8K	+0.0%
21 Oct 2026	$110.8M	-$160.7K	-0.1%
20 Oct 2026	$110.9M	$192.7K	+0.2%
19 Oct 2026	$110.7M	$0	0.0%
18 Oct 2026	$110.7M	$0	0.0%
17 Oct 2026	$110.7M	$0	0.0%
16 Oct 2026	$110.7M	-$106.6K	-0.1%
15 Oct 2026	$110.8M	$58.1K	+0.1%
14 Oct 2026	$110.8M	$1.5M	+1.4%
13 Oct 2026	$109.2M	$0	0.0%
12 Oct 2026	$109.2M	$0	0.0%
11 Oct 2026	$109.2M	$0	0.0%
10 Oct 2026	$109.2M	-$3M	-2.6%
09 Oct 2026	$112.2M	$839.9K	+0.8%
08 Oct 2026	$111.4M	-$27K	-0.0%
07 Oct 2026	$111.4M	-$36.6K	-0.0%
06 Oct 2026	$111.4M	$288.7K	+0.3%
05 Oct 2026	$111.1M	$0	0.0%
04 Oct 2026	$111.1M	$0	0.0%
03 Oct 2026	$111.1M	$13.3M	+13.6%
02 Oct 2026	$97.8M	-$11.6M	-10.6%
30 Sept 2026	$109.4M	-$4.6M	-4.0%
29 Sept 2026	$114M	$1.7M	+1.6%
28 Sept 2026	$112.3M	$0	0.0%
27 Sept 2026	$112.3M	$0	0.0%
26 Sept 2026	$112.3M	-$16.9K	-0.0%
25 Sept 2026	$112.3M	-$386.4K	-0.3%
24 Sept 2026	$112.7M	-$366.5K	-0.3%
23 Sept 2026	$113M	$2.2M	+2.0%
22 Sept 2026	$110.8M	-$6.9M	-5.8%
21 Sept 2026	$117.7M	$0	0.0%
20 Sept 2026	$117.7M	-$137.5K	-0.1%
18 Sept 2026	$117.8M	-$35.6K	-0.0%
17 Sept 2026	$117.8M	-$3.5M	-2.9%
15 Sept 2026	$121.4M	-$63.8K	-0.1%
14 Sept 2026	$121.4M	$0	0.0%
13 Sept 2026	$121.4M	-	-

Related intelligence

1 events reference this product

02 Nov 2026Capital

Onchain Assets Under Management Surge by $1.1B, Spiko Reveals

Tokenized money-market fund issuer Spiko has reported a significant AUM surge of $1.1 billion across its on-chain products, highlighting growing institutional adoption of tokenized short-duration yield instruments.

This capital influx validates the structural demand for compliant, regulated European on-chain yield products like Spiko's EUR-denominated offerings. Such scale shifts liquidity away from traditional low-yield banking deposits into tokenized wrappers, putting pressure on legacy financial intermediaries to adopt public ledger settlement.