In the fast-paced world of blockchain and DeFi, stablecoins play a crucial role in providing stability amid the volatility often associated with meme tokens and other crypto assets. A recent tweet from Token Terminal highlights an exciting development: Spiko Finance is pushing the Euro onchain with its EUTBL token, and the growth is turning heads.

The tweet points out that while USD dominates the stablecoin landscape, with no Euro-based stablecoin cracking the top 20 by supply, things might change soon. Tokenized gold like XAUT and PAXG have already made it into that elite list, and now EUTBL from Spiko could follow suit if its current trajectory holds.

Understanding Spiko Finance

Spiko Finance, a French startup, is making waves by offering tokenized money market funds that give users access to risk-free yields from government Treasury Bills. Their products, USTBL (USD-denominated) and EUTBL (EUR-denominated), are fully regulated under EU law by the French Financial Markets Authority (AMF). This means your funds are backed by actual T-Bills from the US or major Eurozone countries, held securely by Crédit Agricole's custody division.

Unlike traditional stablecoins that might rely on reserves or algorithms, Spiko's tokens represent shares in these funds. You can deposit cash (starting from 1,000 EUR/USD initially, then as low as 1 thereafter), earn daily interest, and withdraw anytime without fees or lock-ups. It's like a high-yield savings account on the blockchain, perfect for blockchain practitioners looking to park funds safely while dabbling in meme tokens.

For those in the meme token space, this is huge. Meme tokens thrive on liquidity and quick trades, but volatility can wipe out gains. Having a stable, yield-bearing asset like EUTBL allows traders to hedge, earn passive income, and seamlessly move between fiat-like stability and speculative plays in DeFi.

Breaking Down the TVL Growth

The standout visual in the tweet is the TVL (Total Value Locked) chart for Spiko across products and chains. It shows EUTBL on Ethereum leading the pack with a sharp upward trajectory, surpassing $200 million in recent months. Other deployments like EUTBL on Polygon, Arbitrum One, and Base, along with USTBL variants, contribute but pale in comparison to this surge.

Starting from near zero in September 2024, the TVL has climbed steadily, with a notable acceleration in early 2025. This growth reflects increasing adoption in DeFi ecosystems, where users seek low-risk yields. Chains like Ethereum provide the security and liquidity needed for such assets, while layer-2 solutions like Polygon and Arbitrum offer cheaper transactions—ideal for meme token enthusiasts who often operate on tighter budgets.

Why This Matters for Blockchain and Meme Tokens

Euro stablecoins have lagged behind their USD counterparts due to regulatory hurdles and lower demand, but Spiko is changing that. By tokenizing EU T-Bills, EUTBL offers a safer alternative to traditional stablecoins, potentially attracting institutional money into the space. For meme token communities, this means more stable liquidity pools, better hedging options, and integration into broader DeFi protocols.

If the growth continues, as Token Terminal suggests, EUTBL could enter the top 20 stablecoins by supply next year. This would not only validate Euro onchain but also boost confidence in regulated tokenized assets. Blockchain practitioners can use tools like Spiko's platform to get started, optimizing their portfolios while staying engaged in the meme token hype.

Keep an eye on Spiko's X account for updates, and remember, in the world of crypto, blending stability with innovation is key to long-term success.