Spiko US T-Bills Money Market Fund

The Spiko US T-Bills Money Market Fund, tokenized as USTBL, is a regulated money market fund that has been brought on chain. It is issued by Spiko, a French company operating under European Union fund regulation, and it gives holders exposure to short-term United States government debt through a tokenized fund share.

How USTBL works

The fund invests exclusively in United States Treasury bills with maturities of less than six months and maintains an average portfolio maturity of no more than two months. That short duration limits sensitivity to interest rate movements. The fund is authorised by the French Financial Markets Authority, the AMF, and is accessible to both professional and retail investors subject to onboarding requirements. Because it is a fund share rather than a stablecoin, its token value reflects the net asset value of the underlying portfolio and rises as income accrues, rather than staying fixed at one dollar.

There is no maximum supply. Tokens are issued when investors subscribe and redeemed when they exit, so the outstanding amount, currently around 155 million, tracks assets under management. The shareholder register is maintained across several blockchains including the Ethereum, Polygon, Arbitrum, Base, Starknet, and Etherlink ecosystems.

Role in the ecosystem

USTBL is part of the tokenized treasuries category, which has become one of the most significant real-world asset segments on chain. Spiko operates a euro-denominated equivalent alongside it, giving users a choice of currency exposure. These products are typically used by on-chain treasuries and businesses that want yield-bearing reserves without leaving the blockchain environment.