euTBL — Spiko
Type: Factsheet — Collateral Asset | Squad: Usual | Status: Draft | Stream: BD Last updated: 2026-02-16
Executive Summary
euTBL is the tokenized share of the Spiko EU T-Bills Money Market Fund, a euro-denominated UCITS short-term VNAV money market fund that invests exclusively in euro-area Treasury bills, repos secured by those bills, and cash. Fund shares are natively issued as ERC-20 tokens on multiple public blockchains; the tokens constitute the official fund shares, with the shareholder register maintained on distributed ledger technology (DLT).
euTBL serves as the sole collateral asset backing EUR0, Usual Protocol's euro-denominated stablecoin. Twenty First Capital is the management company (AMF license GP-11000029), CACEIS Bank is the depositary, CACEIS Fund Administration handles NAV computation, and PricewaterhouseCoopers (PwC) is the statutory auditor. Daily NAV is calculated by CACEIS and published on-chain via Chainlink.
Key Facts
Full name
Spiko EU T-Bills Money Market Fund (euTBL)
Legal structure
SPIKO SICAV (UCITS, France)
Classification
Short-term VNAV money market fund (EU Reg. 2017/1131)
Management company
Twenty First Capital (AMF GP-11000029)
Depositary
CACEIS Bank
Fund administrator
CACEIS Fund Administration
Auditor
PricewaterhouseCoopers (PwC)
Distributor
Spiko Finance (ORIAS 23008251)
Base currency / Benchmark
EUR; EUR STR (compounded)
Valuation
Daily (French business days)
Order cut-off
10:30 CET
Execution price
Last known NAV
Settlement
Same day ("J")
Distribution
Accumulating (capitalization)
ISIN
FR001400ODL1
Bloomberg
SPKEUMM FP
DLT register
Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink
Smart contract audit
Trail of Bits
Usual Protocol role
Sole collateral for EUR0
Investment Mandate & Portfolio
Universe: Investment-grade euro-area Treasury bills, repos backed by those bills, and cash.
Interest-rate risk: WAM (Weighted Average Maturity) capped at 60 days; maximum individual maturity below 6 months (per EU MMF regulation).
Objective: Capital preservation with performance close to or superior to compounded EUR STR over a very short recommended investment horizon (1 day).
Restrictions: No corporate debt, no leverage. Exclusively sovereign euro-area obligations.
Subscriptions / Redemptions (Primary)
Valuation frequency
Daily (French business days)
Cut-off
10:30 CET
Execution price
Last known NAV
Settlement
Same day ("J")
Minimum initial subscription
EUR 1,000
Minimum subsequent subscription
EUR 1
Minimum redemption
EUR 1
Subscription fee
0%
Redemption fee
0%
Management fee
Max 0.30% incl. VAT
Performance fee
None
EUR0 integration specifics:
Direct path (permissioned): euTBL deposited to mint EUR0 at par (1 euTBL = 1 EUR0). Redemption at par minus 3 bps fee.
Indirect path (permissionless): EURC converted to EUR0 via the Swapper Engine (EURC -> euTBL -> EUR0). Non-atomic; T+0 instant if buffer available, T+1 to T+5 otherwise.
Fees
Subscription fee
0%
Redemption fee
0%
Management fee
Max 0.30% incl. VAT
Performance fee
None
Addresses & Oracles
NAV oracle: Chainlink publishes the official daily NAV on-chain, with inputs sourced from CACEIS.
Tokenization & On-Chain Architecture
Token nature: ERC-20 representing a share of the fund. The shareholder register is maintained on DLT. Transfers permitted only between allowlisted (KYC/KYB) addresses via a Permission Manager.
Smart contracts: Open-source, UUPS-upgradeable architecture. Audited by Trail of Bits.
On-chain redemptions: Investors submit a redemption request to the Redemption contract; tokens are burned and settlements processed daily in fiat or stablecoins.
Key Risks (Summary)
Sovereign risk: Low but non-zero risk of default by a euro-area state on its T-bills.
Interest-rate risk: Low (very short maturities: WAM capped at 60 days, max maturity below 6 months), but present under rapid rate movements.
Liquidity risk: Under stress, MMF tools (e.g., gates, swing pricing) may apply per EU MMF regulation.
Operational / DLT risk: Shareholder register on public DLT with allowlisting; reliance on CACEIS for custody and NAV computation, and on Chainlink for on-chain price publication.
FX risk (Usual context): None for EUR0 holders (EUR-denominated collateral for EUR-denominated stablecoin). Cross-currency exposure arises only for holders converting EUR0 to USD0 or vice versa.
Quick Links
Prospectus (SPIKO SICAV): https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf
KID -- euTBL (EN): https://cdn.spiko.finance/legal_docs/EN/KID_EUTBL_EN.pdf
Twenty First Capital -- euTBL fund page: https://www.twentyfirstcapital.com/en/funds/spiko-eu-t-bills-money-market-fund/part-eur/
CACEIS press -- Spiko tokenized MMFs: https://www.caceis.com/whats-new/press-releases/press-releases/article/caceis-records-client-subscriptions-in-spikos-tokenised-money-market-funds-on-public-blockchain/
Spiko Tech Blog: https://tech.spiko.io/posts/spiko-smart-contracts/
Etherscan -- euTBL: https://etherscan.io/token/0xa0769f7a8fc65e47de93797b4e21c073c117fc80
RWA.xyz -- euTBL: https://app.rwa.xyz/assets/EUTBL
Disclaimer
This factsheet is informational and does not constitute investment advice or a solicitation. It reflects publicly available data as of the date indicated. Consult the fund's prospectus, KID, and your own advisers before making any investment decision.
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