> For the complete documentation index, see [llms.txt](https://docs.usual.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usual.money/resources-and-ecosystem/fact-sheets/collateral-assets/eutbl-spiko.md). # 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 | Parameter | Detail | | ----------------------------- | -------------------------------------------------------------- | | **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) | Parameter | Detail | | ----------------------------------- | ---------------------------- | | **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 | Fee type | Amount | | ---------------- | ------------------- | | Subscription fee | 0% | | Redemption fee | 0% | | Management fee | Max 0.30% incl. VAT | | Performance fee | None | *** ## Addresses & Oracles ``` euTBL Token (Ethereum)......... 0xa0769f7a8fc65e47de93797b4e21c073c117fc80 Chainlink euTBL NAV Oracle..... See Spiko/Chainlink documentation for current feed address ``` **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): * KID -- euTBL (EN): * Twenty First Capital -- euTBL fund page: * CACEIS press -- Spiko tokenized MMFs: * Spiko Tech Blog: * Etherscan -- euTBL: * RWA.xyz -- 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.