EL7.AI
CryptoMedium•2 November 2026•
3 min read

SAFO Fund Leads Tokenized Funds With $2.38 Billion in Assets

Key Facts

1SAFO had about $2.38 billion in assets on October 23, 2026, compared with $2.37 billion for USYC and $2.17 billion for BUIDL.
2A total of $1.65 billion of SAFO’s assets was recorded on Stellar, and 9 out of 10 investors held their shares on the network.
3SAFO’s assets grew about 30% monthly in the three months before the October 29 announcement, while its investor count rose about 18% monthly to surpass 10,000.
4SAFO overtook BUIDL on October 19, 2026, then USYC on October 27.

The Spiko Amundi Overnight Swap Fund, known as SAFO, had $2.38 billion in assets on October 23, 2026, ahead of Circle’s USYC fund, with $2.37 billion, and BlackRock’s BUIDL, at $2.17 billion. The Stellar Development Foundation said more than two-thirds of SAFO’s assets, or $1.65 billion, were recorded on the Stellar network. It added that 9 out of 10 investors in the fund held their shares on the network. Those figures put SAFO ahead of the other two funds by assets on that date. The foundation said the fund’s assets grew about 30% monthly during the three months before its October 29 announcement.

SAFO’s growth extended to its investor base, which increased about 18% monthly over the same period, surpassing 10,000 legal entities and individuals. The Stellar Foundation quoted Spiko as saying assets had risen every week since the fund’s launch, for 31 consecutive weeks. That sustained trajectory provides context for its overtaking of competing funds launched earlier, with the comparison tied to the date on which assets were measured. SAFO surpassed BUIDL on October 19, then overtook USYC on October 27, according to the foundation.

A comparison at the same fund age showed a gap in the pace of asset accumulation: BUIDL had $551 million and USYC $102 million when they reached SAFO’s age in the comparison cited by the foundation. That differs from the balance comparison on October 23, when the two competing funds recorded $2.17 billion and $2.37 billion, respectively. SAFO is a sub-fund of SPIKO SICAV, a UCITS fund licensed by France’s financial markets regulator. Amundi Asset Management manages its investments on a delegated basis, while CACEIS Bank acts as its depositary. The fund aims to deliver the overnight interest rate plus a spread through total return swaps with banking counterparties.

The fund’s expansion came amid broader growth in tokenized real-world assets on Stellar, according to foundation data. Those assets, excluding stablecoins, rose from about $500 million at the start of 2025 to $854.6 million at the end of the fourth quarter of that year. They then reached $1.52 billion at the end of the first quarter of 2026, a 91% increase in one quarter. The network crossed the $2 billion mark in April, then $3 billion in June 2026. The foundation said the broader tokenization market grew about 50% between January and June, while Stellar grew four times faster over the same period.

The expansion coincided with moves to add tokenized financial products and institutional partnerships to the network. On October 27, Janus Henderson and Centrifuge announced the launch of the JQQQ fund exclusively on Stellar, aiming to track the Nasdaq-100 under a license from Nasdaq. Janus Henderson said the fund is available to eligible investors in jurisdictions where it is permitted to be offered, and is not available to U.S. persons. Two days later, the Stellar Foundation announced a strategic investment in Marketnode to expand institutional access to tokenized financial products in Asia-Pacific. Marketnode is backed by Euroclear, HSBC, SGX Group and Temasek, while the foundation said its chief executive, Denelle Dixon, expects more similar products to launch.