Why Amundi Expanded Its Tokenized UCITS Fund SAFO to the Solana Blockchain

Unlike purely crypto‑native funds, SAFO keeps a traditional financial structure while using blockchain to represent ownership and enable transfers.

Key characteristics include:

• Tokenized shares: Fund interests are issued as blockchain tokens so they can move on-chain.
• Institutional cash management: The fund is designed for treasury optimization and collateral management for companies and financial institutions.
• 24/7 transferability: Tokenized shares can be transferred continuously rather than only during traditional market hours.

This design blends familiar asset‑management infrastructure with the settlement efficiency of blockchain networks.

The Fund’s Regulated Structure

A crucial feature of SAFO is that it operates within a fully regulated European investment framework rather than outside the traditional financial system.

The fund is structured as:

• A tokenized sub‑fund of SPIKO SICAV, a French‑regulated investment company.
• UCITS‑compliant, meaning it follows the EU’s Undertakings for Collective Investment in Transferable Securities rules.

UCITS status is significant because it allows funds to be distributed across multiple European markets under a unified regulatory regime, giving investors protections familiar from traditional mutual funds.

Operationally, SAFO uses fully collateralized total return swaps with major banks to generate returns while maintaining short‑term liquidity characteristics.

This hybrid model allows the legal and compliance framework of traditional finance to remain intact while the ownership layer is represented digitally on public blockchains.

Why SAFO Is Expanding to Solana

SAFO initially launched on Ethereum and Stellar, but Amundi and Spiko later expanded the tokenized fund to Solana through Spiko’s tokenization infrastructure.

The main reason cited for choosing Solana is its performance characteristics:

• High throughput capable of handling large transaction volumes
• Very low transaction fees suitable for frequent transfers
• Fast settlement, which is important for subscriptions, redemptions, and collateral movements

These features make the network practical for financial instruments that may require frequent transfers or operational workflows similar to payment rails.

The move also connects SAFO to a rapidly growing ecosystem of tokenized real‑world assets on Solana, which has reached several billion dollars in on‑chain value according to industry reports.

The Role of Spiko in the Infrastructure

Spiko acts as the tokenization platform and operational infrastructure provider behind the fund.

Its responsibilities include:

• Issuing tokenized shares of the fund
• Managing blockchain integrations
• Acting as transfer agent and broker functions within the tokenized system

Amundi, which manages around €2.3–€2.4 trillion in assets, serves as the delegated investment manager for the fund.

This partnership reflects a broader pattern in financial markets: traditional asset managers collaborate with specialized tokenization platforms rather than building blockchain infrastructure internally.

Why This Move Matters for Institutional Blockchain Adoption

Amundi’s participation is notable because it is Europe’s largest asset manager, managing trillions of euros in client assets.

When a firm of that size deploys a product on public blockchains, it sends several signals about the direction of financial infrastructure:

1. Tokenization is moving into regulated finance
SAFO demonstrates that tokenized assets can exist inside established regulatory frameworks such as UCITS.

2. Public blockchains are becoming institutional rails
Rather than private or permissioned networks, major institutions are experimenting with open blockchains like Ethereum, Stellar, and Solana.

3. Treasury and collateral use cases are emerging first
Short‑duration funds and cash‑equivalent products are often early candidates for tokenization because they benefit from faster settlement and continuous transferability.

The Bigger Picture for Tokenized Real‑World Assets

SAFO represents a broader trend in financial markets: the tokenization of real‑world assets (RWAs) such as funds, bonds, and money‑market instruments.

By placing regulated financial products on blockchain networks, institutions aim to achieve:

• Continuous settlement and transfer
• Improved transparency and auditability
• Faster collateral mobility across financial systems

While the long‑term impact is still developing, initiatives like SAFO show that tokenization is gradually shifting from proof‑of‑concept experiments to live institutional products operating on public blockchain infrastructure.

As more regulated funds follow similar models, the boundary between traditional asset management and blockchain-based financial rails is likely to continue shrinking.