Tokenized Financial Assets Managed by Spiko Achieve $70 Million in Total Value Locked
Spiko, a Paris-based tokenization platform, has made significant strides in advancing financial infrastructure through the integration of Chainlink's Cross-Chain Interoperability Protocol (CCIP). This innovation enables the secure movement of regulated on-chain money market funds across multiple blockchains.
Tokenized Money Market Funds
Spiko has announced the launch of the first two tokenized money market funds in the European Union. These funds, USTBL and EUTBL, are backed by short-term Treasury Bills, offering low credit risk and high liquidity.
USTBL, which leverages the Ethereum chain, has experienced a surge in popularity, with nearly $24 million worth of tokens deposited on August 28, representing over 70% of the current Total Value Locked (TVL). EUTBL, based on Polygon, has also seen impressive growth, becoming the sixth-largest DeFi app on the platform as a result of its rapid increase. EUTBL is backed by short-term bonds issued by leading Eurozone economies, such as Germany and France, and offers an annual yield of 3.77%.
Growth and Adoption
The overall tokenized asset space is expanding rapidly, with growing demand for real-world assets (RWAs) on blockchains. Spiko's integration with Chainlink and its focus on regulated asset management indicate its commitment to secure and compliant financial services, which could contribute to growth in the tokenized asset market.
Funds and Investments
Investors can deposit USD in USTBL or equivalent stablecoins, and EUR in EUTBL or equivalent stablecoins, with a minimum investment requirement of $1,000 or 1,000 euro, respectively. The funds' assets are held by CACEIS Bank, a custodian institution of Crédit Agricole and Santander.
Spiko's success has led to a significant increase in its TVL, with a 140% rise since its listing on DefiLlama in mid-August. As a result, Spiko is on track to surpass Tangible on the fifth position in the DeFi app ranking on Polygon.
Follow Spiko on X and Telegram for the latest updates. Subscribe to its newsletter for more information about its activities and offerings. With its unique intersection of decentralized finance (DeFi) and regulated traditional products, Spiko is at the forefront of the rapidly evolving tokenized asset market.
[1] Chainlink CCIP Integration: https://blog.spiko.io/chainlink-ccip-integration-announcement/ [2] Spiko Announces Pre-Seed Round: https://blog.spiko.io/pre-seed-round-announcement/ [3] Tokenized Asset Space Expansion: https://www.coindesk.com/business/2021/05/28/tokenized-real-world-assets-are-on-the-rise-and-theyre-coming-to-a-blockchain-near-you/ [4] Growth in Tokenized Asset Market: https://www.finextra.com/blogposting/21241/tokenised-assets-are-the-future-of-investment-and-here-s-why
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