---
title: "Spiko US T-Bills Money Market Fund (USTBL) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/ustbl-spiko/"
description: "Build-time stablecoin profile for Spiko US T-Bills Money Market Fund (USTBL). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Spiko US T-Bills Money Market Fund (USTBL)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

USTBL is Spiko's USD-denominated AMF-regulated UCITS {{term:money-market-fund}}money-market fund{{/term}} holding short-dated U.S. {{term:treasury}}Treasury{{/term}} bills, deployed across Ethereum, Arbitrum, and Polygon via Chainlink CCIP. USTBL is the USD-denominated sister fund to Spiko's EUTBL — same AMF-regulated UCITS {{term:money-market-fund}}money-market fund{{/term}} architecture, same ERC-1967 upgradeable proxy, same Chainlink CCIP multi-chain rollout (Ethereum, Arbitrum, Polygon), but holding short-dated U.S. {{term:treasury}}Treasury{{/term}} bills instead of Eurozone sovereigns. The VNAV share accretes value as T-bill yield compounds, with $1k minimums and same-day NAV settlement. Backed by {{term:rwa}}RWA{{/term}} collateral with institutional {{term:custody}}custody{{/term}} and AMF {{term:attestation}}attestation{{/term}}, USTBL behaves as a {{term:yield-bearing}}yield-bearing{{/term}} share rather than a par stablecoin. The combined Spiko AUM passed $1 billion in late 2025, making the pair one of the larger EU-regulated tokenised treasury franchises in market.

## Collateral

Short-dated U.S. Treasury bills with weighted average maturity under two months, held by a UCITS-compliant short-term money market fund administered under Spiko's AMF authorization

## 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, backed exclusively by short-dated U.S. Treasury bills with a regulatory weighted-average maturity ceiling under 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 (T+0 / next-business-day for late orders) and a $1k minimum; cross-chain issuance on Ethereum, Arbitrum, and Polygon is relayed through Chainlink CCIP. Prospectus: https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| France | AMF | UCITS Short-Term VNAV Money Market Fund |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| arbitrum | `0x021289588cd81dc1ac87ea91e91607eef68303f5` | 5 |
| ethereum | `0xe4880249745eac5f1ed9d8f7df844792d560e750` | 5 |
| polygon | `0xe4880249745eac5f1ed9d8f7df844792d560e750` | 5 |
| base | `0xe4880249745eac5f1ed9d8f7df844792d560e750` | 5 |
| etherlink | `0xe4880249745eac5f1ed9d8f7df844792d560e750` | 5 |
| stellar | `USTBL-CARUUX2FZNPH6DGJOEUFSIUQWYHNL5AVDV7PMVSHWL7OBYIBFC76F4TO` | 5 |
| starknet | `0x020ff2f6021ada9edbceaf31b96f9f67b746662a6e6b2bc9d30c0d3e290a71f6` | 5 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/ustbl-spiko.