Europe's largest asset manager deploys the SAFO fund on two blockchains with Chainlink-powered NAV reporting, marking a milestone in institutional tokenization.
Amundi, the largest asset manager in Europe with roughly $2.3 trillion under management, has launched a $100 million tokenized fund across Ethereum and Stellar, reinforcing the rapid institutional shift toward on-chain finance.
Amundi partnered with French-regulated tokenization platform Spiko to launch the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized sub-fund with approximately $100 million in committed assets. Fund shares and the shareholder register live natively on Ethereum and Stellar, with Chainlink providing on-chain net asset value (NAV) reporting and cross-chain connectivity.
The fund uses fully collateralized total return swaps with top-tier banks to generate yield and is available in four currencies: euro, US dollar, pound sterling, and Swiss franc. It is Amundi's second blockchain-based fund in five months, following a tokenized money market share class issued on Ethereum in November 2025 with CACEIS.
The launch reflects a broader acceleration in real-world asset (RWA) tokenization. The total market cap of tokenized assets has grown from $15.2 billion at the start of 2025 to nearly $52 billion as of March 2026, according to industry data. Amundi's entry is significant because it is the first major European asset manager to deploy a multi-chain tokenized fund designed for institutional cash and collateral management.
Ethereum was chosen for its smart contract composability and DeFi integration potential, while Stellar provides faster, lower-cost transfers and 24/7 transferability. This dual-chain approach signals that large institutions are thinking beyond single-network deployments.
The SAFO fund targets financial institutions rather than retail investors, so early adoption will depend on how quickly banks and asset managers integrate on-chain fund shares into their treasury operations. Chainlink's role as the NAV oracle and cross-chain bridge could become a template for future tokenized fund infrastructure. With Amundi now active on-chain, other European asset managers may accelerate their own tokenization strategies.
Amundi's $100 million SAFO launch is one of the largest institutional tokenized fund deployments in Europe to date. It signals growing confidence among traditional finance giants that blockchain infrastructure is ready for regulated, institutional-grade products.
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