Spiko

Spiko receives a B risk grade (25/100) from Hindenrank, where lower scores indicate lower risk. Spiko offers a well-regulated, institutional-grade path to on-chain Treasury yields. MiFID EU passporting and the Amundi partnership materially strengthen its competitive position, but single-custodian dependency and the ECB's growing scrutiny of tokenized MMFs remain the primary tail risks. Spiko offers tokenized money market funds backed by US and European government Treasury bills, providing on-chain access to the risk-free rate with daily liquidity. Regulated by France's AMF with EU-wide MiFID passporting, custodied by CACEIS (Credit Agricole), Spiko has reached over $1.6B in assets under management including the Amundi partnership fund SAFO. Deployed across Ethereum, Arbitrum, Polygon, and Stellar networks.

The key risks identified for Spiko are: (1) While Treasury bills are safe, the smart contract and tokenization layer adds technical risk not present in traditional T-bill investing (2) Single custodian (CACEIS) creates a dependency — any disruption blocks all redemptions (3) Regulated under EU framework — regulatory changes toward tokenized securities could force restructuring (4) No native token means no governance participation for fund holders

Spiko scores 25/100 across eight risk dimensions: Mechanism Novelty: 2/15, Interaction Severity: 3/20, Oracle Surface: 1/10, Documentation Gaps: 2/10, Track Record: 1/15, Scale Exposure: 7/10, Regulatory Risk: 6/10, Vitality Risk: 3/10. The highest risk area is Scale Exposure at 7/10.

Among 73 rated RWA protocols on Hindenrank, Spiko ranks #2 by safety (lowest risk score = safest). Its 25/100 risk score and B grade place it among the safer RWA protocols.

Spiko scores 1/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.