Stablecoins are talked about every day, but one European company has quietly built an onchain money market fund business with $2.7 billion in assets.
On October 6, tokenized cash fund issuer Spiko announced a $90 million Series B led by NEA.
1️⃣ Backers: Index Ventures, French public investment bank Bpifrance, Speedinvest, White Star Capital, Wintermute Ventures, and others participated in the round. Angel investors include former Deutsche Bundesbank President Axel Weber and a Qonto founder. Total funding to date: $120 million.
2️⃣ Scale: $2.7 billion in assets under management, up more than 5x in the past 12 months. More than 10,000 businesses and individuals use its funds across 25+ jurisdictions. The funds are available in euros, US dollars, pounds sterling, and Swiss francs, and run on multiple public blockchains.
3️⃣ Ranking: Spiko claims it has surpassed BlackRock and Franklin Templeton to become the world’s largest issuer of tokenized cash funds. Note that this is according to the company.
4️⃣ How it works: Companies can design their own regulated money market funds and connect via an app or API. Finance teams only need to set the rules once: keep payroll and payments in the account, automatically sweep excess cash into a fund that can be redeemed at any time, and put money they won’t need for a quarter into a fixed-term fund. The company says instant redemptions are already supported. Next, it plans to offer continuous hourly accrual, and specifically noted that AI agents will be able to adjust these strategies via API.
5️⃣ Where the money is going: Launching new funds, entering new markets, and growing the team. Spiko is building local teams in Germany, Italy, Spain, the Netherlands, and the Nordics.
My take:
Stablecoins (like $USDC) let money move 24/7, but money sitting in stablecoins doesn’t earn interest by default. On-chain MMFs like Spiko’s fill that gap: on the same rails, money can both move and earn.
There’s a striking line in the press release: around $50 trillion in cash and deposits in the U.S. and Europe earns little to no yield. Money market funds have been around for a long time; it’s just that the old rails were too slow and the barriers to entry too high.
Today, Ondo is bringing pre-IPO assets on-chain, while Spiko is bringing cash on-chain. Different directions, same logic: start by moving the most boring—but largest—products in traditional finance onto the blockchain. Boring assets are often what drive real TVL.
Risk disclosure: AUM and rankings are based on company disclosures. Tokenized funds are subject to local regulations and may not be available to investors in all regions. This is not investment advice.
Sources: Spiko / NEA press release (Business Wire, 2026-10-06); Tech.eu; The Block (via BlockBeats)