Spiko EU T-Bills Money Market Fund

The Spiko EU T-Bills Money Market Fund, traded as EUTBL, is a fully licensed euro money market fund whose shares are represented as blockchain tokens. It operates under the European Union's money market fund regulatory framework, which sets strict rules on what such a fund may hold and how liquid it must remain.

The portfolio invests only in Treasury bills issued by the strongest Eurozone member states, with each holding maturing in under six months and the fund's average portfolio maturity kept below two months. That short maturity profile is what allows a money market fund to offer near-immediate liquidity while limiting interest rate sensitivity.

Structure

EUTBL is a fund share rather than a stablecoin. Its value accrues as the underlying bills pay interest, so the token price rises over time instead of holding a fixed euro figure. The shareholder register is maintained across several networks, including Ethereum, Polygon, Arbitrum, Base, Starknet, Stellar, and Etherlink, which lets holders move shares between compatible venues without a traditional transfer agent process.

Supply is uncapped and reflects shares outstanding, currently around 761 million tokens. It grows as investors subscribe and shrinks as they redeem.

Where it fits

Tokenized money market funds sit alongside tokenized Treasuries as one of the more established real-world asset categories. They appeal to treasuries and businesses that want euro-denominated yield with on-chain settlement rather than holding a non-yielding euro stablecoin. Access is governed by fund eligibility and onboarding rules rather than being open to anyone with a wallet, and the regulatory protections that come with a licensed fund also come with those access requirements.