On-Chain Supply, Flow & Holder Report

Overview

Aggregate assets under management computed at current NAV estimates (USTBL $1.08, EUTBL €1.08, ...), translated to USD at the FX rates noted in footnote 1. Growth percentage compares to the 2026-03-01 snapshot.

Assets Under Management

$1.67B

↑ 39.9% vs prior month

Active Products

9

Across three fund families

Chains Live

7

Peer Rank

#3

Tokenized MMFs, Apr 2026

Product summary

Symbol	Name	Family	Ccy	Shares	AUM (USD)	30-day Δ	Chains	Launch
USTBL	Spiko T-Bills Dollar	T-Bills	USD	141.8M	$153M	-23.6%	7 chains	2024-04-19
EUTBL	Spiko T-Bills Euro	T-Bills	EUR	823.5M	$1.01B	+11.8%	7 chains	2024-04-19
UKTBL	Spiko T-Bills Pound	T-Bills	GBP	22.0M	$32M	+117.4%	7 chains	2025-07-16
SAFO	Spiko Dollar	Smart Cash	USD	116.1M	$117M	+5229.3%	7 chains	2026-02-26
eurSAFO	Spiko Euro	Smart Cash	EUR	283.7M	$327M	+1011.9%	7 chains	2026-02-26
gbpSAFO	Spiko Pound	Smart Cash	GBP	4.5M	$6M	+137.9%	7 chains	2026-02-26
chfSAFO	Spiko Franc	Smart Cash	CHF	20	$22.22	+0.0%	1 chain	2026-02-26
SPKCC	Spiko Cash & Carry	Cash & Carry	USD	10.6M	$12M	-20.9%	5 chains	2025-07-16
eurSPKCC	Spiko Cash & Carry EUR	Cash & Carry	EUR	11.8M	$15M	-44.8%	5 chains	2025-07-16

Supply by Fund Family

Daily Stellar history; monthly EVM + Starknet. Click product buttons above each chart, or click legend entries, to isolate series.

Chain Distribution

Where the AUM lives, and how the mix has shifted over time. The first chart shows total AUM trajectory split by chain; the second is the current snapshot composition; the third is the exact matrix.

Product × chain matrixi

Holders & Concentration

Concentration & Liquidity Stress

If a top-1 holder redeems in full, can the fund meet the call from its 8% MMFR cash buffer? For every Spiko product, the answer today is no — the issuer must liquidate underlying T-Bills (T-Bills products), unwind a TRS with BNP Paribas (Smart Cash), or close CME basis positions (Cash & Carry). This isn't necessarily a flaw — MMFR cash buffers are sized for routine flow, not single institutional unwinds. The visuals below quantify headroom (or shortfall) per product.

Flows & Activity

Retention & Segmentation

Revenue & Market

Product Lifecycle

Launch phases are annotated on the AUM chart at the top of the page (vertical dotted lines). This table summarises what shipped in each phase.

Methodology & Sources

Data pipeline

Every number in this report is read directly from each blockchain's ledger — totalSupply() calls and event logs at archive nodes for EVM/Starknet, and the Stellar ledger via SDF's Hubble dataset (the Stellar ledger re-indexed for SQL queries). No third-party aggregators or vendor APIs in the pipeline. rwa.xyz is referenced only for peer-rank cross-validation (footnote 5).

• EVM chains (Ethereum, Arbitrum, Polygon, Base, Optimism, Etherlink): eth_call with selector 0x18160ddd (totalSupply()) at each month-boundary block. Block numbers resolved via DefiLlama's coins.llama.fi/block/{chain}/{timestamp} API.
• Starknet: starknet_call with Pedersen-hashed selector for totalSupply, u256 result decoded as low + (high × 2^128). Block times via starknet_getBlockWithTxHashes binary search.
• Stellar Soroban: current snapshot from simulateTransaction invoking the contract's total_supply function (ScVal i128 decoded). Historical timeseries from stellar.expert /asset/{contract_id}/stats-history?resolution=day (daily resolution, covers contract creation → today). Soroban RPC 7-day retention meant direct historical reads weren't viable; stellar.expert indexes the full history from Hubble.
• Holders: reconstructed from Transfer event logs via eth_getLogs, paginated in adaptive block-range chunks. Balances computed by summing signed deltas per address. Mint events identified by from = 0x0; burn by to = 0x0.
• Cohort retention: for each product, each address's first-seen month is recorded. Retention at month M+N = fraction of cohort with positive balance in month M+N, replayed from Transfer events.

Assumptions & footnotes

1. FX rates (frozen at snapshot): EUR/USD 1.14, GBP/USD 1.33, CHF/USD 1.10. NAV estimates: T-Bills ~1.08, Smart Cash ~1.01, Cash & Carry ~1.08–1.10. For historical-accurate revenue/AUM figures, substitute published daily NAV and period-matched FX from Spiko's fund factsheets.
2. Decimals = 5 for all Spiko products (confirmed via decimals() across all chains + products).
3. Cross-chain bridging via Chainlink CCIP migrates supply between chains without changing the global total. Per-chain trajectories should be interpreted alongside aggregate supply.
4. Issuer revenue is an estimate: T-Bills & Cash & Carry at 0.25%, Smart Cash at 0.23%. Actual realized revenue would net out fee waivers and distribution splits (notably Amundi on the SAFO products).
5. Peer ranking from rwa.xyz tokenized-MMF category (April 2026): Circle USYC $2.7B, BlackRock BUIDL $2.4B, Ondo $2.6B combined (USDY + OUSG), Spiko $1.03B, Franklin Templeton BENJI $0.89B.

Contract registry