Amundi Expands Tokenization Push with Yield-Boosting Swap Fund

Amundi, which oversees more than €2.3tn in assets, is positioning the product as a cash equivalent with a distinct mechanical advantage over existing digital offerings. The Spiko Amundi Overnight Swap Fund (SAFO) operates as a regulated tokenized sub-fund designed for corporate collateral management, the companies said in a statement. 

Yield generation through synthetic exposure

Amundi first tested digital assets in late 2025 with a standard tokenized money-market fund. The new SAFO product is a major step up in ambition.

While most competing digital funds simply buy short-term government bonds to pass along standard interest rates, Amundi is taking a different route. The firm is using financial agreements with major banks known as 'total return swaps' to generate returns that beat those standard baseline rates.

Despite the complex financial machinery behind the scenes, the fund acts as highly liquid cash for the end user. Investors can buy or sell shares at any time in euros, US dollars, British pounds or Swiss francs, with a minimum investment of one unit of fiat currency, such as €1 or $1.

Tokenized RWA growth

The launch marks a major expansion in the institutional tokenization sector. The total value of tokenized real-world assets has swelled to nearly $25bn, driven by institutional demand for continuous markets and blockchain-native cash equivalents. Amundi is aggressively targeting a market currently dominated by US heavyweights. BlackRock’s BUIDL product, which invests in money markets, recently surpassed $2bn in assets, establishing the benchmark for tokenized institutional liquidity. 

The SAFO tokenized instrument's shareholder register is hosted on Ethereum and Stellar, with the ability to expand to additional networks in response to investor demand, according to the statement. Meanwhile, Chainlink is providing the infrastructure to record SAFO’s onchain net asset value.