Amundi Launches $100 Million Tokenized Fund on Ethereum and Stellar Using Chainlink Oracle

Europe’s largest asset manager Amundi, with approximately €2.4 trillion in assets under management, partnered with tokenization platform Spiko on March 19, 2026, to launch the $100 million Spiko Amundi Overnight Swap Fund (SAFO), utilizing Chainlink as the underlying oracle infrastructure to record Net Asset Value (NAV) directly on the Ethereum and Stellar blockchains.

The fund, structured as a tokenized sub-fund of SPIKO SICAV regulated under French law, offers institutional investors near-instant settlement, real-time transparency of the shareholder register, and 24/7 cross-chain transferability of fund shares. Despite this significant adoption milestone and positive on-chain signals including declining LINK exchange reserves and record ETF inflows, Chainlink’s native token LINK has failed to break above the $10 resistance level since February, trading within a broader downtrend.

Fund Structure and Technical Infrastructure

SAFO Fund Overview

The Spiko Amundi Overnight Swap Fund represents Amundi’s second blockchain-based fund issuance in five months, following a November 2025 tokenized share class of a money market fund on Ethereum in collaboration with CACEIS. The fund is designed specifically to meet treasury and collateral needs for corporates and financial institutions, offering fully collateralized total return swaps with top-tier banks to maintain overnight liquidity. Subscriptions and redemptions are available in four currencies: EUR, USD, GBP, and CHF.

Amundi serves as the delegated investment manager, while CACEIS acts as depositary bank and fund administrator. Spiko functions as the transfer agent, tokenization platform, and broker. The fund is currently accessible to eligible professional investors via Spiko, with plans to expand access through its API-enabled distribution network.

Chainlink’s Role

Chainlink provides critical infrastructure for SAFO through two primary functions:

On-chain NAV reporting: Chainlink pulls NAV data from Amundi and writes it on-chain in near real-time across both Ethereum and Stellar networks. Anyone accessing the related smart contracts can independently verify pricing data, improving transparency and trust in reporting.

Cross-chain interoperability: Beyond automated NAV reporting, Chainlink enables 24/7 borderless transferability of fund shares, allowing programmatic access via API or smart contracts.

Johann Eid, Chief Business Officer at Chainlink, commented: “Amundi, Europe’s largest asset manager is using Chainlink for the distribution of its tokenised fund. One by one, every tokenized asset is adopting the Chainlink standard, amplifying the network effect and distribution by the day.”

Jean-Jacques Barbéris, Head of Institutional and Corporate Clients and ESG at Amundi, stated: “SAFO provides professional investors with a fast and transparent access to cash management solutions. This initiative is part of our ambition to contribute to the rise of tokenized solutions.”

Tokenized Real-World Asset Market Context

Market Growth

The tokenization of real-world assets on blockchains has expanded rapidly over the past year, rising from a market capitalization of approximately $15.2 billion at the start of 2025 to nearly $52 billion as of March 19, 2026. Ethereum currently leads the segment with a tokenized RWA market cap of $17.85 billion, while the Provenance blockchain ranks second with $15.84 billion.

Chainlink’s Positioning

The Amundi partnership strengthens Chainlink’s role in the real-world asset tokenization trend, adding Europe’s largest asset manager to a growing list of traditional financial institutions adopting Chainlink’s infrastructure for on-chain fund distribution and NAV reporting.

LINK Market Dynamics: Positive Signals vs. Price Stagnation

On-Chain Accumulation Indicators

Despite the positive fundamental development, on-chain data reveals conflicting signals:

Exchange reserves: LINK reserves on exchanges have declined from 130 million to 127.6 million over the past month, according to CryptoQuant data. This suggests investors are withdrawing LINK from exchanges, typically reducing potential selling pressure.

ETF inflows: Spot LINK ETFs in the U.S. recorded their largest daily inflow in the past two months on March 19, reaching $3.34 million in net inflows—the highest level since January 20, according to SoSoValue data. This reflects growing institutional interest through traditional investment channels.

Price Performance

Despite these accumulation signals, LINK’s price continues to struggle with the $10 level, a key psychological resistance point. Since 2025, LINK has remained in a broader downtrend, forming lower highs and lower lows. The token has declined approximately 70% from previous highs, with ongoing macro caution limiting upside momentum for altcoins across the cryptocurrency market.

The divergence between positive on-chain signals and stagnant price action highlights the broader market dynamics where institutional adoption announcements have yet to translate into sustained price appreciation amid cautious macro conditions.

Frequently Asked Questions

What is the Spiko Amundi Overnight Swap Fund (SAFO)?

SAFO is a $100 million tokenized fund launched by Europe’s largest asset manager Amundi in partnership with tokenization platform Spiko. The fund is designed for institutional investors’ treasury and collateral needs, offering overnight liquidity, subscriptions and redemptions in four currencies, near-instant settlement, and 24/7 transferability of fund shares across Ethereum and Stellar networks.

How does Chainlink integrate with the SAFO fund?

Chainlink provides the underlying oracle infrastructure for SAFO, performing two critical functions: recording the fund’s Net Asset Value (NAV) on-chain across Ethereum and Stellar in near real-time, and enabling cross-chain interoperability for 24/7 transferability of fund shares. This allows anyone accessing the related smart contracts to independently verify pricing data.

Why hasn’t LINK’s price increased despite this major adoption news?

While LINK has shown positive on-chain signals including declining exchange reserves (suggesting accumulation) and record ETF inflows, the token’s price remains below $10 due to broader market dynamics. Since 2025, LINK has been in a downtrend forming lower highs and lower lows, with ongoing macro caution limiting upside momentum across altcoins. The divergence highlights that institutional adoption announcements alone may not drive price appreciation in cautious market conditions.