Amundi Expands EUR 2.4T Tokenized UCITS Fund to Solana

Steady attention without excessive speculation.

What Is the SAFO Fund

SAFO is a UCITS-compliant sub-fund of the French-regulated SPIKO SICAV. In simple terms, UCITS is the EU’s flagship regulated fund framework. It mandates diversification, liquidity, daily NAV, and investor protections.

The fund generates yields through fully collateralized total return swaps with Tier-1 banks. Unlike traditional money-market funds, SAFO uses swap-based exposure to deliver stable returns. Because of this structure, the fund operates as a cash-equivalent product. It targets corporate treasury and collateral management use cases. It falls under French AMF oversight.

Amundi acts as delegated investment manager. Meanwhile, Spiko Finance handles tokenization, issuance, and distribution. CACEIS serves as depositary. On prior deployments, Chainlink oracles provided on-chain NAV feeds.

Amundi and Spiko: The Key Players

Amundi sits atop the European asset management industry. Its first tokenized fund launched in November 2025 on Ethereum with CACEIS. Then, SAFO followed in March 2026 with roughly $100 million in committed AUM, according to The Block.

“SAFO provides professional investors with a fast and transparent access to cash management solutions,” Jean-Jacques Barberis, Head of Institutional and Corporate Clients at Amundi, said at the original launch. “This initiative is part of our ambition to contribute to the rise of tokenized solutions.”

Spiko Finance currently manages $1.7 billion in assets. The platform reached $1 billion AUM in just 18 months. It acts as transfer agent and broker for regulated UCITS tokenization.

“Clients will benefit from the reliability of Spiko’s fund issuance and distribution infrastructure,” CEO Paul-Adrien Hyppolite said during the March 2026 launch.

Why Solana for This Amundi UCITS Tokenized Fund

First, Solana offers roughly 400-millisecond settlement finality. In addition, transaction fees stay below one cent. For a cash-equivalent product used in corporate treasury, both speed and cost matter directly.

Second, the choice aligns with a broader institutional trend. Other RWA projects, including Ondo Finance and Mountain Protocol, already operate on Solana. Consequently, the chain’s growing presence in tokenized real-world assets challenges Ethereum’s dominance.

On the Ethereum side, BlackRock’s BUIDL fund and Franklin Templeton’s on-chain money market fund remain the largest tokenized products. Still, Amundi’s multi-chain approach shows that institutional players see value in deploying across multiple networks.

How the Broader Market Reacted

Community sentiment on X turned overwhelmingly positive within hours. Validator account Ubik Capital called it “massive news” that Europe’s largest asset manager chose Solana. Similarly, Meteora pointed to the EUR 2.4 trillion AUM figure, saying “institutional adoption is here.”

Identity Prism, another prominent account, framed it as the “RWA endgame for Solana.” The dominant narrative positions Solana as a maturing TradFi settlement layer. No counter-narratives or criticism appeared in the initial reaction.

So far, no material price movement in SOL or Amundi stock (EPA: AMUN) has appeared. The news broke less than six hours ago. Major financial outlets like CoinDesk, Bloomberg, and Reuters have not published coverage yet.

Open Questions Around the Deployment

Several details remain unclear. No one has disclosed a specific go-live date for the Solana deployment. No smart-contract addresses, token mints, or program IDs have appeared on Solana Explorer or Solscan yet.

The exact architecture also needs confirmation. Prior deployments likely used SPL tokens with Token-2022 features. No technical documentation for the Solana tranche exists publicly. Fee structures, minimum investment thresholds, and eligible investor onboarding details also remain unknown.

Solana’s historical network outages could draw scrutiny from institutional users. The chain has stabilized significantly in recent months. Yet, regulated custody and settlement require consistent uptime. No critics have raised this concern publicly regarding SAFO.

What This Means for Institutional RWA on Solana

The Amundi UCITS tokenized fund on Solana represents one of the largest TradFi endorsements the chain has received. With EUR 2.4 trillion in AUM behind it, this goes beyond typical pilot-stage tokenization experiments.

Whether the deployment attracts significant capital depends on execution. The go-live date, fee structure, and onboarding process will shape adoption. Some institutional investors may also stick with SAFO’s existing Ethereum and Stellar deployments instead.

The broader context matters too. BlackRock, Franklin Templeton, and other major asset managers have focused tokenization efforts primarily on Ethereum. Amundi’s decision to go multi-chain, and specifically to include Solana, signals a shift in how traditional finance views blockchain infrastructure.

For Solana, the signal is clear. Regulated TradFi products are no longer an Ethereum-only conversation. As more asset managers follow Amundi’s lead, Solana’s role in institutional finance could expand considerably.