{"id":"spiko-us-t-bills-money-market-fund","title":"Spiko US T-Bills Money Market Fund","content":"The **Spiko US T-Bills Money Market Fund (USTBL)** is a tokenized, short-term variable net asset value money market fund (VNAV MMF) that provides investors with on-chain exposure to a portfolio of U.S. Treasury Bills. The fund's shares are represented by the USTBL token, which is natively available on multiple blockchain networks. Legally domiciled in France and structured as a sub-fund of the Spiko SICAV, it operates under the European Union's UCITS Directive, offering a regulated investment vehicle that combines the low-risk yield of U.S. government debt with the efficiency of blockchain technology. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4) The fund's income accumulates, meaning profits are reinvested, causing the Net Asset Value (NAV) of each token to increase over time. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)​\n\n## Overview\n\nThe Spiko US T-Bills Money Market Fund was created to offer a stable, yield-bearing instrument within the digital asset ecosystem. It functions as a Real World Asset (RWA), bridging traditional financial instruments with decentralized finance (DeFi). The fund's primary objective is to generate returns by investing in a portfolio of low-risk, short-duration U.S. government debt. The underlying assets are held in a bankruptcy-remote structure to enhance investor protection, segregating them from the issuer's own balance sheet. [\\[2\\]](#cite-id-LA9j8aqOVm0ae1N1)\n\nLaunched on May 15, 2024, the fund is managed by the asset manager Twenty First Capital, with Spiko serving as the issuer and platform. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4) Unlike stablecoins that aim to maintain a fixed peg to a fiat currency (e.g., $1.00), USTBL is a variable NAV fund. Its value is designed to grow as interest from the underlying T-Bills is reinvested. This makes it a capital appreciation instrument rather than a fixed-value payment token. The fund is accessible to both U.S. and global retail investors, subject to regulatory compliance for direct subscriptions. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n### Key Details\n\n| Attribute                  | Detail                                                                |\n| :------------------------- | :-------------------------------------------------------------------- |\n| **Full Name**              | Spiko US T-Bills Money Market Fund                                    |\n| **Ticker**                 | USTBL                                                                 |\n| **Asset Class**            | U.S. Treasuries, Real World Asset (RWA)                               |\n| **Inception Date**         | May 15, 2024                                                          |\n| **Issuer / Platform**      | Spiko                                                                 |\n| **Asset Manager**          | Twenty First Capital                                                  |\n| **ISIN**                   | FR001400ODM9                                                          |\n| **Domicile**               | France                                                                |\n| **Regulatory Framework**   | UCITS Directive (2009/65/EC)                                          |\n| **Legal Structure**        | Sub-fund of the Spiko SICAV                                           |\n| **Classification**         | Short-term variable net asset value money market fund (short-term VNAV MMF) |\n| **Use of Income**          | Accumulates (Reinvests profits)                                       |\n| **Eligible Investors**     | U.S. and Global Retail                                                |\n| **Asset Type**             | Distributed (Tokenized)                                               |\n\nThis information is based on the fund's official documentation and regulatory filings. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n## Fund Structure and Regulation\n\nThe fund's architecture is designed to comply with established European financial regulations while leveraging the benefits of tokenization.\n\n### Legal and Regulatory Framework\n\nThe Spiko US T-Bills Money Market Fund is constituted as a sub-fund of the Spiko SICAV (Société d'Investissement à Capital Variable), a type of open-ended investment company common in Europe. It is legally domiciled in France and is regulated under the UCITS (Undertakings for Collective Investment in Transferable Securities) Directive. The UCITS framework is a European Union directive that provides a harmonized regulatory regime for investment funds, allowing them to be marketed across the EU and providing strong investor protection standards. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\nOversight is provided by the relevant National Competent Authority in France, in coordination with the European Securities and Markets Authority (ESMA). To protect investor assets in the event of the issuer's insolvency, the fund is established within a bankruptcy-remote structure. Any legal disputes related to the fund are handled under French law. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n### Key Entities and Service Providers\n\nA network of established financial service firms provides the operational backbone for the fund.\n\n| Role                             | Entity                  |\n| :------------------------------- | :---------------------- |\n| **Issuer / Platform / Transfer Agent** | Spiko                   |\n| **Asset Manager**                | Twenty First Capital    |\n| **Custodian**                    | CACEIS                  |\n| **Fund Administrator**           | CACEIS                  |\n| **Auditor**                      | PricewaterhouseCoopers (PwC) |\n\nThese roles ensure the proper management, custody, administration, and auditing of the fund's assets and operations. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n## Investment Strategy\n\nThe fund adheres to a strict and conservative investment mandate focused on high-quality, liquid assets to minimize risk. The investment policy dictates that 100% of the fund's total assets must be invested in a combination of U.S. Treasury Bills, reverse repurchase agreements fully collateralized by U.S. Treasury Bills, and cash. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\nTo maintain a low-risk profile and high liquidity, the fund operates under specific portfolio constraints:\n\n* **Weighted Average Maturity (WAM):** The WAM of the entire portfolio is maintained at or below 60 days.\n* **Maximum Asset Maturity:** No single asset held by the fund can have a maturity date longer than six months.\n* **Cash Holdings:** Ancillary cash holdings are capped and cannot exceed 10% of the fund's total assets.\n\nThis strategy ensures the fund is primarily exposed to short-term U.S. government debt, widely considered one of the safest asset classes globally. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n## The USTBL Token\n\nThe USTBL token is a digital representation of one share in the Spiko US T-Bills Money Market Fund. Its value is directly tied to the Net Asset Value (NAV) of the fund's underlying portfolio of U.S. Treasury Bills.\n\n### Token Mechanics\n\nAs a VNAV MMF with an accumulation policy, the USTBL token's value is designed to appreciate over time. All income and interest generated by the fund's underlying T-Bills are reinvested back into the fund's portfolio. This process increases the total asset value of the fund, which in turn increases the NAV per share (and thus per token). This is distinct from \"rebasing\" tokens, which periodically adjust the quantity of tokens in a holder's wallet, or \"dividend-paying\" tokens, which distribute profits to holders. With USTBL, the yield is realized through the growth in the token's own value. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n### Multi-Chain Availability\n\nTo ensure broad accessibility and composability within the DeFi ecosystem, the USTBL token is natively issued across several major blockchain networks. This multi-chain presence allows users to interact with the token on their preferred network, reducing transaction costs and improving integration possibilities.\n\n| Network    | Token Standard                | Token Contract Address                                            |\n| :--------- | :---------------------------- | :---------------------------------------------------------------- |\n| **Ethereum** | ERC-20                        | `0xe4880249745eac5f1ed9d8f7df844792d560e750`                       |\n| **Arbitrum** | ERC-20                        | `0x021289588cd81dc1ac87ea91e91607eef68303f5`                       |\n| **Polygon**  | ERC-20                        | `0xe4880249745eac5f1ed9d8f7df844792d560e750`                       |\n| **Base**     | ERC-20                        | `0xe4880249745eac5f1ed9d8f7df844792d560e750`                       |\n| **Stellar**  | [Stellar](https://iq.wiki/wiki/stellar) Asset Contract (SAC)  | `CARUUX2FZNPH6DGJOEUFSIUQWYHNL5AVDV7PMVSHWL7OBYIBFC76F4TO`          |\n\nThe presence of the token on these blockchains facilitates its use as collateral, a store of value, and a yield-generating asset in various DeFi protocols. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n## Market and Performance Data\n\nAs of February 23, 2026, the fund's key performance and market metrics reflect its growing adoption as a tokenized RWA. The data highlights its total asset value, the NAV's appreciation since inception, and its recent yield performance.\n\n| Metric                         | Value                     |\n| :----------------------------- | :------------------------ |\n| **Total Asset Value (TAV)**    | $204,432,501              |\n| **Net Asset Value (NAV) per Token** | $1.07                     |\n| **Market Price per Token**     | $1.0749                   |\n| **Total & Circulating Supply** | 190,193,299.52 USTBL      |\n| **7-Day APY**                  | 3.40%                     |\n| **30-Day APY**                 | 3.25%                     |\n| **Total Holders**              | 776                       |\n| **Monthly Transfer Volume**    | $24,667,984               |\n| **Monthly Transfer Count**     | 615                       |\n\nThese figures illustrate the fund's scale and activity within the on-chain market. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n## Market Access\n\nAccess to USTBL is bifurcated into primary and secondary markets, catering to different types of investors and use cases.\n\n### Primary Market: Subscription and Redemption\n\nInvestors can interact directly with the fund through Spiko's platform to mint (subscribe) new USTBL tokens or burn (redeem) existing tokens in exchange for fiat currency. This primary market access is a regulated process. [\\[2\\]](#cite-id-LA9j8aqOVm0ae1N1)\n\n* **Eligibility:** The primary market is open to both U.S. and global retail investors. Participants are required to undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) verification. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4) [\\[2\\]](#cite-id-LA9j8aqOVm0ae1N1)\n* **Frequency:** Subscriptions and redemptions are processed on a daily basis.\n* **Minimums:** The minimum initial investment is $1,000 USD, while the minimum redemption amount is $1 USD.\n* **Fees:** There are no fees for subscriptions or redemptions.\n* **Currencies:** Subscriptions are accepted in USD and at least two other unspecified currencies.\n\nThis process ensures that all direct interactions with the fund comply with financial regulations. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)\n\n### Secondary Market\n\nOnce USTBL tokens are minted, they can be freely transferred and traded on secondary markets, including decentralized exchanges (DEXs) and potentially centralized exchanges. This allows any user with a compatible crypto wallet to buy, sell, or use USTBL without needing to go through the primary market's KYC process. The secondary market provides permissionless access to the asset and its inherent yield characteristics, enabling its integration into the broader DeFi ecosystem for lending, borrowing, and liquidity provision. [\\[2\\]](#cite-id-LA9j8aqOVm0ae1N1)\n\n## Fees and Expenses\n\nThe fund has a transparent fee structure, with costs deducted from the fund's assets, which is reflected in the NAV.\n\n| Fee Type          | Rate             | Description                                                                    |\n| :---------------- | :--------------- | :----------------------------------------------------------------------------- |\n| **Management Fee**  | 0.30% per annum  | A fee charged by the asset manager, Twenty First Capital, for managing the portfolio. |\n| **Performance Fee** | 0%               | The fund does not charge any fees based on its performance.                    |\n| **Subscription Fee**| 0%               | No fee is charged for investing directly into the fund.                        |\n| **Redemption Fee**  | 0%               | No fee is charged for withdrawing directly from the fund.                      |\n| **Other Fees**      | Max 0.10%        | Covers other operating expenses, such as administrative and custodial services.  |\n\nThis fee model is designed to be competitive and straightforward for investors. [\\[1\\]](#cite-id-h78dx4Hf3RjE1Bb4)","summary":"Spiko US T-Bills Money Market Fund (USTBL) is a tokenized, EU-regulated money market fund. It provides on-chain exposure to U.S. Treasury Bills, with shares represented by the multi-chain USTBL token that reinvests profits.","images":[{"id":"Qme6wj4iDcqpSSAUGVVD8Y7bCiMkQGoudg6CukgqMz9JA1","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"defi"}],"tags":[{"id":"Protocols"},{"id":"Stablecoins"},{"id":"Ethereum"},{"id":"Polygon"},{"id":"Blockchains"}],"media":[{"id":"Qmdmtke25cgoZgN4SsxUoUp4wddmEQ7p6okV3YbfMSTZar","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmXQ2bSn5xZwL8Zri4ufwi4WuPY4TC6o4cDhQXEdAWYGiQ","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmbbPkajuFdrWY5jhcdxoMFhbtWyfa3gYUpNvqq426cUmH","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmR6kw2gxNHzVSxi5b7AN41nr7TsMTXQZppfcKYs4p6GZE","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmP7XSbEm6GxpWsVU7TFjayDqEAZbALyMhqnStKGcDMjFg","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"h78dx4Hf3RjE1Bb4\",\n    \"url\": \"https://app.rwa.xyz/assets/USTBL\",\n    \"description\": \"rwa.xyz asset analysis for USTBL\",\n    \"timestamp\": 1771888972556\n  },\n  {\n    \"id\": \"LA9j8aqOVm0ae1N1\",\n    \"url\": \"https://www.kraken.com/prices/spiko-us-t-bills-money-market-fund\",\n    \"description\": \"Kraken price page for Spiko US T-Bills Money Market Fund\",\n    \"timestamp\": 1771888972556\n  }\n]"},{"id":"website","value":"https://www.spiko.io/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/spiko-us-t-bills-money-market-fund"},{"id":"contract_url","value":"https://etherscan.io/token/0xe4880249745eac5f1ed9d8f7df844792d560e750"},{"id":"references","value":"https://app.rwa.xyz/assets/USTBL"},{"id":"twitter_profile","value":"https://twitter.com/Spiko_finance"},{"id":"github_profile","value":"https://github.com/spiko-tech/contracts"},{"id":"discord_profile","value":"https://medium.com/@spiko"},{"id":"medium_profile","value":"https://www.linkedin.com/company/spiko-tech"},{"id":"nansen","value":"https://app.nansen.ai/token-god-mode?chain=ethereum&tab=transactions&tokenAddress=0xe4880249745eac5f1ed9d8f7df844792d560e750"},{"id":"contract_url","value":"https://platform.arkhamintelligence.com/explorer/token/spiko-us-t-bills-money-market-fund"},{"id":"commit-message","value":"\"Added Spiko US T-Bills Money Market Fund page\""}],"events":[{"id":"dc4fd379-3e92-4a82-860c-dabd2628aca6","date":"2024-05","title":"Fund Inception","type":"CREATED","description":"The Spiko US T-Bills Money Market Fund was officially launched, offering tokenized shares of a portfolio of U.S. Treasury Bills under the UCITS framework.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0xbc74F7Beea348c97350e4DBc49227A5Ee7d27D3e"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum","arbitrum","base","stellar"],"founders":["anon"],"speakers":[]}}