Spiko Amundi Overnight Swap Fund (SAFO) stablecoin analytics
Answer First
What is Spiko Amundi Overnight Swap Fund (SAFO)?
SAFO is the USD share of the Spiko/Amundi UCITS sub-fund using fully collateralized overnight TRS with tier-1 banks; a NAV-accreting share, not $1-pegged. The static profile records its US Dollar-denominated NAV accounting mechanism as: USD-denominated NAV-accreting share class; subscriptions and redemptions are KYC-gated through Spiko fund-transfer rails at the published fund NAV.
Is SAFO safe?
SAFO holds a C+ Safety Score grade (63/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Spiko Amundi Overnight Swap Fund uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from PricewaterhouseCoopers Audit, statutory auditor appointed in the Spiko SICAV prospectus. The AMF publishes a June 30, 2026 semiannual SICAV financial statement covering SAFO and its USD share; that statement is not an independent audit opinion. A current dated, independently signed SAFO auditor report was not established in this review.; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Spiko Amundi Overnight Swap Fund (SAFO) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar-denominated NAV.
AI summary / Updated Sep 7, 2026
SAFO is the USD share class of Spiko and Amundi's Smart Cash exposure, built around fully collateralized overnight total-return swaps rather than direct T-bill ownership. Pharos classifies the reserve as medium-risk RWA strategy exposure because the holder is exposed to fund structure, the swap counterparty (currently BNP Paribas), collateral packages, and regulated NAV mechanics. The AMF/UCITS context and the CACEIS depositary help.
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- USD share class of the Spiko / Amundi Smart Cash fund using fully collateralized total-return swaps with tier-1 bank counterparties and collateral made of liquid financial instruments / money-market fund exposure.
- Peg Mechanism
- USD-denominated NAV-accreting share class; subscriptions and redemptions are KYC-gated through Spiko fund-transfer rails at the published fund NAV.
- Jurisdiction
- France / AMF / UCITS SICAV sub-fund
- Proof Of Reserves
- Independent Audit by PricewaterhouseCoopers Audit, statutory auditor appointed in the Spiko SICAV prospectus. The AMF publishes a June 30, 2026 semiannual SICAV financial statement covering SAFO and its USD share; that statement is not an independent audit opinion. A current dated, independently signed SAFO auditor report was not established in this review. Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety safo-spiko-usd
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
SAFO quick answers
What is Spiko Amundi Overnight Swap Fund (SAFO)?
SAFO is the USD share of the Spiko/Amundi UCITS sub-fund using fully collateralized overnight TRS with tier-1 banks; a NAV-accreting share, not $1-pegged. The static profile records its US Dollar-denominated NAV accounting mechanism as: USD-denominated NAV-accreting share class; subscriptions and redemptions are KYC-gated through Spiko fund-transfer rails at the published fund NAV.
Is SAFO safe?
SAFO holds a C+ Safety Score grade (63/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Spiko Amundi Overnight Swap Fund uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Independent Audit from PricewaterhouseCoopers Audit, statutory auditor appointed in the Spiko SICAV prospectus. The AMF publishes a June 30, 2026 semiannual SICAV financial statement covering SAFO and its USD share; that statement is not an independent audit opinion. A current dated, independently signed SAFO auditor report was not established in this review.; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs SAFO?
Pharos classifies SAFO backing as Real-World Asset Backed. Collateral, per the static profile: USD share class of the Spiko / Amundi Smart Cash fund using fully collateralized total-return swaps with tier-1 bank counterparties and collateral made of liquid financial instruments / money-market fund exposure. Reserve evidence: Independent Audit from PricewaterhouseCoopers Audit, statutory auditor appointed in the Spiko SICAV prospectus. The AMF publishes a June 30, 2026 semiannual SICAV financial statement covering SAFO and its USD share; that statement is not an independent audit opinion. A current dated, independently signed SAFO auditor report was not established in this review..
Can SAFO be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for SAFO, when applicable, appear in the dossier below.
