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
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)
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
Subscription fee
0%
Redemption fee
0%
Management fee
25 bps/year
Performance fee
None
Addresses & Oracles
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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