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

$1.69B

↑ 26.3% 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	141.6M	$153M	-7.0%	7 chains	2024-04-19
EUTBL	Spiko T-Bills Euro	T-Bills	EUR	835.6M	$1.03B	+7.6%	7 chains	2024-04-19
UKTBL	Spiko T-Bills Pound	T-Bills	GBP	22.0M	$32M	+152.3%	7 chains	2025-07-16
SAFO	Spiko Dollar	Smart Cash	USD	117.0M	$118M	+146.2%	7 chains	2026-02-26
eurSAFO	Spiko Euro	Smart Cash	EUR	282.3M	$325M	+176.7%	7 chains	2026-02-26
gbpSAFO	Spiko Pound	Smart Cash	GBP	4.5M	$6M	+33.7%	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	10.5M	$11M	-6.9%	5 chains	2025-07-16
eurSPKCC	Spiko Cash & Carry EUR	Cash & Carry	EUR	11.5M	$14M	-32.7%	5 chains	2025-07-16

Supply by Fund Family

Daily Stellar history; monthly EVM + Starknet. Click product buttons above each chart to isolate; click legend entries to toggle a single series, double-click to isolate.

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