Spiko, a recently launched real-world asset (RWA) platform, crossed the $70 million mark in total liquidity. As of this writing, the total value locked (TVL) on the platform is $71.2 million, up 140% since its recent listing on DefiLlama in mid-August.
Spiko acts as a money market fund, offering two tokenized fixed-income products:
- USTBL, which represents short-term US Treasury Bills generating an annual yield of about 5%.
- EUTBL, which is backed by short-term bonds issued by leading Eurozone economies, such as Germany and France. The fund’s annual yield is currently 3.77%.
The platform’s money market funds are authorized by the French Financial Markets Authority, representing one of the few cases when decentralized finance (DeFi) and regulated traditional products intersect.
The funds’ assets are held by CACEIS Bank, a custodian institution of Crédit Agricole and Santander.
Investors can deposit USD in USTBL and EUR in EUTBL or equivalent stablecoins. The minimum investment requirement is $1,000 or 1,000 euro, respectively.
DefiLlama data shows that USTBL has $30 million in TVL while EUTBL has over $40 million worth of deposits. USTBL leverages the Ethereum chain, while EUTBL is based on Polygon, a layer 2 scaling solution for Ethereum.
Despite EUTBL having a 63% share, USTBL has experienced the largest inflows so far. On August 28, nearly $24 million worth of tokens were deposited into the US product, which represents over 70% of the current TVL.
Thanks to EUTBL’s rapid increase, Spiko has become the sixth-largest DeFi app on Polygon and is on track to surpass Tangible on the fifth position.
Spiko claims to offer the world’s first tokenized money market funds authorized by a major financial watchdog and available to retail crypto investors.
In mid-June, it announced a 4 million euro pre-seed round led by Frst and joined by Blockwall, Kima, Financière Saint James, and Bpifrance.
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