# USTBL — Spiko

> **Type:** Factsheet — Collateral Asset | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16

***

## Executive Summary

USTBL is the tokenized share of the Spiko US T-Bills Money Market Fund, a UCITS short-term money market fund investing exclusively in short-term US Treasury securities. The fund is managed by Twenty First Capital under AMF authorization (GP-11000029) and domiciled in France as part of the SPIKO SICAV umbrella. CACEIS Bank serves as depositary, CACEIS Fund Administration handles NAV computation, and PricewaterhouseCoopers (PwC) is the statutory auditor.

USTBL was approved as eligible collateral for USD0 via UIP-14 (December 2025, 99.9% approval). The proposal was supported by a dedicated security review conducted by Cantina (formerly Spearbit), which found no material findings beyond informationals. On-chain pricing is provided via a Chainlink NAV feed. USTBL tokens are ERC-20 with restricted transfers (allowlist-gated).

***

## Key Facts

| Parameter                     | Detail                                                             |
| ----------------------------- | ------------------------------------------------------------------ |
| **Full name**                 | Spiko US T-Bills Money Market Fund                                 |
| **Token / Ticker**            | USTBL                                                              |
| **Legal structure**           | SPIKO SICAV (UCITS, France)                                        |
| **Classification**            | Short-term money market fund                                       |
| **Management company**        | Twenty First Capital (AMF GP-11000029)                             |
| **Depositary**                | CACEIS Bank (Credit Agricole group)                                |
| **Fund administrator**        | CACEIS Fund Administration                                         |
| **Auditor**                   | PricewaterhouseCoopers (PwC)                                       |
| **Distributor**               | Spiko Finance                                                      |
| **Base currency**             | USD                                                                |
| **Chain**                     | Ethereum (ERC-20, upgradeable, restricted transfers via allowlist) |
| **Decimals**                  | 5 (non-standard)                                                   |
| **AUM**                       | \~$600M (at time of UIP-14 approval)                               |
| **Regulatory status**         | AMF-approved (France); UCITS-compliant                             |
| **Usual governance approval** | UIP-14 (December 18, 2025)                                         |

***

## Investment Mandate & Portfolio

* **Universe:** Exclusively short-term US Treasury securities.
* **Duration:** Short-term instruments consistent with UCITS money market fund requirements.
* **Objective:** Capital preservation with yield linked to short-term US government rates.
* **Restrictions:** No corporate debt, no leverage. Investments restricted to sovereign US debt.

***

## Subscriptions / Redemptions (Primary)

| Parameter             | Detail                                                          |
| --------------------- | --------------------------------------------------------------- |
| **Valuation**         | Daily                                                           |
| **Settlement**        | Same day ("J")                                                  |
| **Fees (fund level)** | 0% subscription / 0% redemption                                 |
| **Management fee**    | 25 bps/year                                                     |
| **Performance fee**   | None                                                            |
| **Access**            | KYC/KYB required; transfers restricted to allowlisted addresses |

***

## Fees

| Fee type         | Amount      |
| ---------------- | ----------- |
| Subscription fee | 0%          |
| Redemption fee   | 0%          |
| Management fee   | 25 bps/year |
| Performance fee  | None        |

***

## Addresses & Oracles

```
USTBL Token (Ethereum, proxy)......... 0xe4880249745eAc5F1eD9d8F7DF844792D560e750
Chainlink USTBL NAV Feed.............. 0x477e363c51Ab0C4D13B22CD6B57D56d4a3Cb7Abe
```

**Oracle parameters (Usual Protocol side):**

* Heartbeat: 97,200 sec (\~27h)
* Protocol-side timeout: 345,600 sec (4 days)
* isStablecoin: false
* Decimal normalization: token (5 decimals) and feed (6 decimals) normalized to 18 decimals internally

**On-chain integration:** DaoCollateral accepts USTBL in swap / redeem / redeemDao flows, gated by `TokenMapping.isUsd0Collateral()` and priced via `ClassicalOracle`.

**Security controls:**

* Rate-limited on-chain minter deployed
* Worst-case mint-path impact capped at $5M
* Live monitoring and automated pausing
* Shared on-call and incident response procedures with Spiko

***

## Key Risks (Summary)

* **Sovereign credit risk:** Low but non-zero risk of US government default on short-term obligations.
* **Interest-rate risk:** Minimal given the short duration mandate, but present under rapid rate movement scenarios.
* **Liquidity risk:** Under stress, UCITS money market fund tools (e.g., gates, redemption limits) may apply per EU regulation.
* **Operational / DLT risk:** Allowlisted transfers, reliance on CACEIS for NAV computation and custody, and dependence on Chainlink oracle infrastructure.
* **Non-standard decimals:** USTBL uses 5 decimals (vs. the standard 18 or 6), introducing decimal-handling complexity in smart contract integrations. Usual normalizes to 18 decimals internally.
* **Regulatory risk:** Changes in AMF or UCITS regulatory frameworks could impact fund operations.

***

## Security Review

* **Cantina Managed Review** (September 2025, commissioned by Usual Labs): Scope covered risk to USD0 protocol from USTBL inclusion. Result: no findings beyond informationals. Several informational items already remediated.
* **Spiko third-party audits:** Multiple audits completed prior to Usual onboarding.
* **Usual Labs internal audit:** Covered on-chain smart contracts and off-chain computation/operational architecture.

***

## Quick Links

* Spiko: <https://www.spiko.io/>
* Spiko Dollar: <https://www.spiko.io/spiko-dollar>
* Prospectus (SPIKO SICAV): <https://cdn.spiko.finance/legal\\_docs/EN/Prospectus\\_Spiko\\_SICAV\\_EN.pdf>
* Spiko Documentation: <https://docs.spiko.io/>
* Spiko Audits: <https://docs.spiko.io/documentation/tokenization/addresses/#security-audits>
* Token Addresses: <https://docs.spiko.io/documentation/tokenization/addresses>
* Chainlink USTBL NAV Feed: <https://data.chain.link/feeds/ethereum/mainnet/USTBL-nav>
* UIP-14 Snapshot Vote: <https://snapshot.box/#/s:usualmoney.eth/proposal/0x65f80603d96f3eea5e0dab47d86fda035cbce06a38caa3c7f3a937b78e350fc0>

***

## 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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