Tokenized Asset Firm Spiko Reached $2.55 Billion in AUM
Financial institutions can now track the growth of RWA issuers as Spiko hits a $2.55 billion threshold.
Updated on Sept. 18, 2026 in Corporate Finance
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Paris-based Spiko has reached $2.55 billion in assets under management, securing the sixth position among global real-world asset (RWA) issuers. The platform currently manages nine active funds, including Eurozone T-bills and US Treasury bills, serving 15,680 tokenized fund share holders.
Why it matters
The milestone highlights the scaling of on-chain government debt, as operators increasingly use blockchain rails to access liquid, yield-bearing instruments. By managing $1.6 billion of its assets on the Stellar network, the firm demonstrates the growing institutional preference for blockchain-native fund distribution.
Spiko manages $2.55 billion across nine funds, marking a significant rise since the firm crossed the $1 billion AUM threshold in early 2026. The platform charges management fees of 0.25% on its T-bill and money market products.
The players
Spiko
A Paris-based financial technology firm that provides tokenized access to government debt and money market instruments.
Stellar
A decentralized, open-source blockchain network that serves as the hosting platform for $1.6 billion of the firm's assets.
The details
Spiko operates by converting government debt into blockchain-native fund shares, a process that requires identity verification and specific allowlisting for investors. The platform's portfolio is led by the $1.39 billion Amundi Overnight Swap Fund and the EU T-Bills MMF, which holds between $767 million and $792 million. These tokenized shares allow entities to hold exposure to sovereign debt directly on-chain.
Timeline
2023: The Spiko platform was founded.
Early 2026: The company reached the $1 billion AUM threshold.
September 18, 2026: Spiko ranked sixth among global RWA issuers.
Market Landscape
Spiko's growth follows the broader industry trend of financial institutions migrating short-term sovereign debt products onto distributed ledgers. This development highlights how tokenization is evolving from a pilot experiment into a significant asset class for institutional investors.
Treasury managers and operators should monitor the 0.25% management fee structure on RWA products compared to traditional money market funds. Businesses interested in these platforms must ensure their internal compliance processes can handle the necessary identity verification and allowlisting protocols.
The takeaway
Spiko demonstrates that tokenized sovereign debt is achieving institutional-scale liquidity as a viable cash management tool. Financial operators should track the competitive fee landscape for on-chain money market funds to determine if these instruments offer a lower-friction alternative to legacy banking.
Further reading
For broader trends in asset digitization, visit our Corporate Finance section.
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Would you trust blockchain-based tokens for your personal government debt investments?
