Spiko

Thesis

Spiko is a European-regulated platform that tokenizes government money market funds, making them accessible on-chain via Ethereum and Polygon. The protocol targets the $23.6B tokenized RWA market (up 66% YTD as of March 2026), positioning at the intersection of institutional DeFi and regulatory compliance. As RWAs become an increasingly dominant portion of DeFi TVL (~25% of all DeFi TVL), platforms like Spiko that provide regulated access to yield-bearing government securities on-chain are poised for growth. The European regulatory framework provides a compliance moat that US-focused competitors lack. Currently tokenless. The RWA tokenization trend is one of the strongest secular narratives in crypto, with BlackRock BUIDL at $2.3B AUM and Ondo at $3.53B TVL leading the charge. Spiko's focus on European government money market funds provides geographic diversification in the RWA space.

Catalysts

• +Tokenized RWA market hit $23.6B (up 66% YTD), secular growth trend accelerating
• +European regulatory compliance creates moat against unregulated competitors
• +Potential token launch to decentralize governance of tokenized securities platform

Risks

• -European regulatory environment may limit growth speed compared to offshore competitors
• -Competition from BlackRock BUIDL, Ondo, and other well-funded RWA protocols
• -Government bond yields may decline, reducing attractiveness of tokenized money market products

Common questions