Profile
USTBL profile facts
Spiko US T-Bills Money Market Fund (USTBL) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar-denominated NAV.
- Collateral
- Short-dated U.S. Treasury bills and operational bank balances held by an AMF-authorized UCITS short-term VNAV money market fund, with a regulatory weighted-average maturity ceiling of 60 days
- Peg mechanism
- USD-denominated NAV-accreting share token (ISIN FR001400ODM9) of the Spiko SICAV short-term VNAV money market sub-fund authorised by the AMF, invested in short-dated U.S. Treasury bills and operational bank balances with a regulatory weighted-average maturity ceiling of 60 days; subscription and redemption are KYC-gated to allowlisted wallets through Spiko's transfer agent with a daily 11:30 Paris cutoff settling at the day's published NAV (next-business-day clearing for late orders) and a $1 prospectus minimum. The management company may gate redemptions at a 10% net-assets threshold for up to 20 NAVs over three months, with a maximum one-month duration; electronic-money-token redemptions may not settle the same day. Chainlink CCIP interoperability was announced, but no production adapter was identified in the reviewed sources. Prospectus: https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf
- Jurisdiction
- France / AMF / UCITS Short-Term VNAV Money Market Fund
- Proof of reserves
- Independent Report by PricewaterhouseCoopers Audit, statutory auditor of the Spiko SICAV certifying annual accounts (prospectus art. 24: financial-statement certification and pre-publication asset-composition checks). AMF GECO publishes the fund's 2026-06-30 semiannual report, which names PwC but does not contain an audit opinion; a current dated annual auditor report was not verified. Reserve source
- ISIN
- FR001400ODM9
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
USTBL quick answers
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What is Spiko US T-Bills Money Market Fund (USTBL)?
USTBL is Spiko's regulated short-term U.S. Treasury fund tokenized for EU and global investors under an AMF-authorized UCITS money market structure. The static profile records its US Dollar-denominated NAV accounting mechanism as: USD-denominated NAV-accreting share token (ISIN FR001400ODM9) of the Spiko SICAV short-term VNAV money market sub-fund authorised by the AMF, invested in short-dated U.S.
Is USTBL safe?
As of Nov 8, 2026, Pharos grades USTBL C+ (64/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs USTBL?
Pharos records USTBL's reserves as of Jun 30, 2026 as 100% Spiko US T-Bills Money Market Fund NAV. Reserve evidence: Independent Report. Pharos classifies the backing as Real-World Asset Backed.
Can USTBL be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem USTBL?
Under the route Pharos reviewed on May 12, 2026, customers the issuer has verified can redeem USTBL at its net asset value. Settlement takes multiple days. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.
