Spiko EU T-Bills Money Market Fund

EUTBL is the token representing shares in the Spiko EU T-Bills Money Market Fund, offered by Spiko, which is authorized as an investment firm in France. The fund is a UCITS money market fund approved by the French regulatory authority, and it invests in short-term Treasury bills issued by euro area countries with high credit ratings. Shareholdings are recorded as tokens on networks such as Ethereum, Polygon, Arbitrum, Base, Etherlink and Stellar.

In this structure, the investor holds not a cryptocurrency but a share in a regulated fund; the fund's assets are kept with a custodian within a bankruptcy-remote structure. Interest income is calculated daily and passed on to shareholders. The token format aims to make it easier to transfer fund shares without depending on the traditional chain of intermediaries, to register them on-chain and to integrate them with other applications.

Because the fund is denominated in euros, the US dollar reference price taken from DefiLlama on Lzzo.com reflects movements in the euro-dollar exchange rate as well as the fund's value; the chart is drawn from the same source's historical data. The main factors that could affect the fund's value are the European Central Bank's interest rate decisions, euro area Treasury bill yields, management expenses, and operational and regulatory risks.