Spiko EU T-Bills Money Market Fund

EUTBL is a share of a French euro money market fund that holds short-term eurozone Treasury bills and grows with their interest.

EUTBL is the token of the Spiko EU T-Bills Money Market Fund, a sub-fund of Spiko SICAV, a French investment company regulated as a UCITS fund by the French markets authority (AMF). It is not a cryptocurrency in the usual sense: each token is one share of the fund, and the fund keeps its register of shareholders on public blockchains instead of in a traditional register. The fund is managed by Twenty First Capital; CACEIS Bank, part of Crédit Agricole, is its depositary.

The fund invests in short-term Treasury bills and other money market instruments issued by eurozone governments, such as Germany and France, with a maximum maturity of six months and an average maturity of 60 days or less. It aims to match or beat the capitalised euro short-term rate (€STR). The interest is not paid out; it is added to the value of each share. On 24 September 2026 one share was worth about €1.059, up 5.94% since launch.

Spiko, a Paris fintech, launched the fund in June 2024 together with a US dollar version. Shares can be bought from 1 euro by companies and individuals, but only into wallets that the fund has approved, and not by US persons. The token exists on Ethereum, Polygon, Arbitrum, Base, Starknet, Etherlink, Stellar and Solana. CoinGecko put its value at about US$753 million on 27 September 2026.

EUTBL is used as a way for businesses and crypto firms to keep euros in a regulated fund that earns Treasury bill interest, with transfers at any time between approved wallets. It is the sole collateral behind Usual's EUR0 token, and since June 2026 the fund accepts subscriptions and redemptions in the EURC euro stablecoin.