Spiko US T-Bills Money Market Fund
USTBL
Evaluation Score
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Dimension Breakdown
AI Analysis
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USTBL (Spiko US T-Bills Money Market Fund) is a tokenized, UCITS-compliant short-term VNAV money market fund issued by Paris-based Spiko and regulated by the French AMF. Backed 1:1 by short-term U.S. Treasury Bills, the fund demonstrates strong institutional infrastructure, including sub-custody with BNY Mellon, statutory oversight by PwC, and multi-chain deployments across Ethereum, Base, Polygon, Etherlink, and Arbitrum One with an AUM exceeding $142M. Its primary limitations stem from structural design rather than operational failures: Community Support scores low (2.0/10) due to the absence of retail social channels or DAO governance, and secondary exchange liquidity is negligible because redemptions and mints occur directly on the primary market via KYC-gated channels. With an unblemished security record, steady accumulating NAV, and no qualifying red-flag incidents or regulatory actions, USTBL represents a compliant, lower-risk RWA instrument suited for institutional and permissioned DeFi collateral use.
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Tokenomics
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Team & Governance
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Security & Audits
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About Spiko US T-Bills Money Market Fund (USTBL)
USTBL is the tokenized share of the Spiko US T-Bills Money Market Fund (ISIN: FR001400ODM9), a sub-fund of Spiko SICAV issued by Paris-based fintech company Spiko. Structured as a short-term variable net asset value (VNAV) money market fund, it is authorized and supervised by the French Autorité des Marchés Financiers (AMF) under European Union UCITS Directive 2009/65/CE. The fund is managed by Twenty First Capital and is deployed across several blockchain networks, including Ethereum, Base, Polygon PoS, Etherlink, and Arbitrum One.
The fund's reserves are fully backed by short-term United States Treasury Bills. Sub-custody of the underlying assets is handled by BNY Mellon, while CACEIS serves as the depositary bank and PwC acts as the independent statutory auditor. USTBL operates as an accumulating share class, where yield generated from the underlying Treasury holdings compounds directly into the net asset value (NAV), net of a 0.30% management fee. Supply expands and contracts through primary-market subscriptions and redemptions by KYC-verified investors, and the token is utilized as collateral within DeFi protocols including Morpho and Usual.
USTBL features structural centralization, relying on traditional institutional oversight and regulatory compliance rather than decentralized on-chain governance. The on-chain contracts are UUPS-upgradeable and enforce permissioned transfer restrictions, meaning security depends on administrative key management. Additionally, USTBL exhibits zero public exchange trading volume due to its direct mint-and-redeem structure, resulting in concentrated ownership among roughly 938 holders. The fund maintains an asset base between $142 million and $157 million with an unblemished operational record, having experienced no smart contract exploits, credit defaults, or regulatory enforcement actions.