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] The fund's income accumulates, meaning profits are reinvested, causing the Net Asset Value (NAV) of each token to increase over time. ^[1]​

Overview

The 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]

Launched on May 15, 2024, the fund is managed by the asset manager Twenty First Capital, with Spiko serving as the issuer and platform. ^[1] 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]

Key Details

Attribute	Detail
Full Name	Spiko US T-Bills Money Market Fund
Ticker	USTBL
Asset Class	U.S. Treasuries, Real World Asset (RWA)
Inception Date	May 15, 2024
Issuer / Platform	Spiko
Asset Manager	Twenty First Capital
ISIN	FR001400ODM9
Domicile	France
Regulatory Framework	UCITS Directive (2009/65/EC)
Legal Structure	Sub-fund of the Spiko SICAV
Classification	Short-term variable net asset value money market fund (short-term VNAV MMF)
Use of Income	Accumulates (Reinvests profits)
Eligible Investors	U.S. and Global Retail
Asset Type	Distributed (Tokenized)

This information is based on the fund's official documentation and regulatory filings. ^[1]

Fund Structure and Regulation

The fund's architecture is designed to comply with established European financial regulations while leveraging the benefits of tokenization.

Legal and Regulatory Framework

The 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]

Oversight 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]

Key Entities and Service Providers

A network of established financial service firms provides the operational backbone for the fund.

Role	Entity
Issuer / Platform / Transfer Agent	Spiko
Asset Manager	Twenty First Capital
Custodian	CACEIS
Fund Administrator	CACEIS
Auditor	PricewaterhouseCoopers (PwC)

These roles ensure the proper management, custody, administration, and auditing of the fund's assets and operations. ^[1]

Investment Strategy

The 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]

To maintain a low-risk profile and high liquidity, the fund operates under specific portfolio constraints:

• Weighted Average Maturity (WAM): The WAM of the entire portfolio is maintained at or below 60 days.
• Maximum Asset Maturity: No single asset held by the fund can have a maturity date longer than six months.
• Cash Holdings: Ancillary cash holdings are capped and cannot exceed 10% of the fund's total assets.

This strategy ensures the fund is primarily exposed to short-term U.S. government debt, widely considered one of the safest asset classes globally. ^[1]

The USTBL Token

The 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.

Token Mechanics

As 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]

Multi-Chain Availability

To 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.

Network	Token Standard	Token Contract Address
Ethereum	ERC-20	0xe4880249745eac5f1ed9d8f7df844792d560e750
Arbitrum	ERC-20	0x021289588cd81dc1ac87ea91e91607eef68303f5
Polygon	ERC-20	0xe4880249745eac5f1ed9d8f7df844792d560e750
Base	ERC-20	0xe4880249745eac5f1ed9d8f7df844792d560e750
Stellar	Stellar Asset Contract (SAC)	CARUUX2FZNPH6DGJOEUFSIUQWYHNL5AVDV7PMVSHWL7OBYIBFC76F4TO

The 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]

Market and Performance Data

As 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.

Metric	Value
Total Asset Value (TAV)	$204,432,501
Net Asset Value (NAV) per Token	$1.07
Market Price per Token	$1.0749
Total & Circulating Supply	190,193,299.52 USTBL
7-Day APY	3.40%
30-Day APY	3.25%
Total Holders	776
Monthly Transfer Volume	$24,667,984
Monthly Transfer Count	615

These figures illustrate the fund's scale and activity within the on-chain market. ^[1]

Market Access

Access to USTBL is bifurcated into primary and secondary markets, catering to different types of investors and use cases.

Primary Market: Subscription and Redemption

Investors 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]

• 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] [2]}
• Frequency: Subscriptions and redemptions are processed on a daily basis.
• Minimums: The minimum initial investment is $1,000 USD, while the minimum redemption amount is $1 USD.
• Fees: There are no fees for subscriptions or redemptions.
• Currencies: Subscriptions are accepted in USD and at least two other unspecified currencies.

This process ensures that all direct interactions with the fund comply with financial regulations. ^[1]

Secondary Market

Once 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]

Fees and Expenses

The fund has a transparent fee structure, with costs deducted from the fund's assets, which is reflected in the NAV.

Fee Type	Rate	Description
Management Fee	0.30% per annum	A fee charged by the asset manager, Twenty First Capital, for managing the portfolio.
Performance Fee	0%	The fund does not charge any fees based on its performance.
Subscription Fee	0%	No fee is charged for investing directly into the fund.
Redemption Fee	0%	No fee is charged for withdrawing directly from the fund.
Other Fees	Max 0.10%	Covers other operating expenses, such as administrative and custodial services.

This fee model is designed to be competitive and straightforward for investors. ^[1]