Spiko, a European asset manager, has linked two EU-regulated UCITS Treasury funds to Coinbase Payments, enabling stablecoin-based subscriptions and redemptions. The integration uses USDC and EURC on Coinbase's Base network, streamlining fund flows with tokenized assets.
The move extends on-chain access to regulated treasury products, as Spiko's funds are denominated in euros and dollars. By leveraging Base, the firm taps lower transaction costs and faster settlement compared to traditional rails, though specific TVL or volume figures were not disclosed.
Regulatory context: The funds operate under the EU's UCITS framework, a strict regime for retail investment products. This aligns with broader European efforts to integrate blockchain into regulated finance, including the MiCA stablecoin rules. However, the European Securities and Markets Authority has yet to issue formal guidance on fund tokenization.
Market cap context: Spiko's funds are small relative to the $11.7B tokenized treasury market led by Ondo Finance and BlackRock's BUIDL. But the UCITS compliance gives it a distinct edge for EU institutional investors, while stablecoin rails could boost adoption in a sector where Tether and Circle dominate with $150B+ combined market cap.
Community reaction has been muted, though industry observers note the integration as a step toward merging DeFi liquidity with traditional fund infrastructure. Competitors like Franklin Templeton and WisdomTree also offer on-chain funds, but Spiko's focus on EU regulatory compliance sets it apart in a market still wary of jurisdictional risk.