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Frequently Asked Questions

Why did we choose to tokenize T-Bills via a Money Market Fund rather than via a Special Purpose Vehicle (SPV)?​​

Our aim is to provide our customers with the highest industry standards for investor protection and legal recourse. Through the fund structure, our investors own a share of a portfolio of T-Bills, rather than a debt security issued by an unregulated entity.

What are the differences between Spiko and other T-Bills tokenization projects?​

There are currently three categories of alternatives to Spiko’s tokenized MMFs:

  1. Bearer debt securities issued by unregulated entities (SPVs),
  2. Private fund shares that are only accessible to professional investors (accredited investors and qualified purchasers),
  3. Mutual fund shares that are only accessible through wallets controlled by the asset manager.

Currently, USTBL and EUTBL are the only tokens that combine the following:

  • The protective legal and regulatory framework of a fund structure in an onshore jurisdiction,
  • The possibility for retail investors to own them,
  • The ability to be self-custodied in and transferred between any crypto wallet.

When are USTBL and EUTBL minted and burnt?​

Our Funds operate on the trading days of the Paris stock exchange, which typically run from Monday to Friday, excluding certain bank holidays. You can find the exact calendar here.

What happens if Spiko goes bankrupt?​

As a regulated distributor of financial instruments, Spiko is prohibited from manipulating the money you invest in the Funds. Your cash is therefore never on Spiko’s balance sheet. If Spiko were to go bankrupt, your money would not be at risk.

What happens if the asset manager goes bankrupt?​

The asset manager's responsibility is to pick the US or EU T-Bills in which the Funds invest. Similar to Spiko, the asset manager never holds investor funds on its balance sheet. In the event of bankruptcy, another asset manager will be appointed for the Funds. In the rare instance that no replacement is found, the Funds would be closed, and all assets returned to investors. If the asset manager were to go bankrupt, your money would not be at risk.

What happens if the depositary bank (or custodian) goes bankrupt?​​

The depositary bank acts as the custodian of the Funds’ assets. T-Bills owned by the Funds are segregated from the bank's balance sheet, ensuring they cannot be distributed to its creditors in the event of insolvency. If the depositary bank were to go bankrupt, only the portion of the Funds’ assets held in bank deposits (up to a maximum of 10% of assets) would be at risk. The Funds mitigate this risk by maintaining deposits exclusively with global systematically important banks. Specifically, EUR bank deposits are held at CACEIS Bank, a subsidiary of Crédit Agricole, while the USD deposits are held at JP Morgan.

What happens if the auditor goes bankrupt?​​

We contract with another one. There's no impact on the Funds.

What happens if the US government or an EU government defaults on its debt?​

In this rare scenario, your money is at risk because it’s tied to T-Bills issued by this government. However, the US government is widely regarded as one of the most reliable counterparties (Moody's: Aaa, Fitch: AA+, Standard & Poor's: AA+). Similarly, the EU Fund exclusively invests in highly stable Eurozone governments, such as Germany, Luxembourg, and the Netherlands.

Are USTBL and EUTBL censorship-resistant?​

No. Real-world assets (RWAs) are always subject to the law that applies to their issuer. So, you must always inquire about the jurisdiction where the issuer is established and the regulatory framework it adheres to. Spiko complies with EU regulations and adheres to EU court rulings.

Why can USTBL and EUTBL only be transferred between allowlisted wallets?​

USTBL and EUTBL represent shares of European money market funds (UCITS MMF) issued by a French open-ended investment company (the Spiko SICAV). In Europe, as in all significant jurisdictions in asset management, fund issuers are required to maintain shareholder registers. Hence, an allowlist of addresses authorized to hold USTBL and EUTBL (the fund shares) must be maintained.