In the fast-paced world of blockchain, real-world assets (RWAs) are bridging traditional finance and crypto like never before. Recently, data from Token Terminal highlighted a key milestone: Spiko Finance's EUTBL product on the Base chain has crossed the $5 million mark in total value locked (TVL), also known as tokenized assets under management (AUM). This surge underscores the growing appeal of tokenized treasury bills in DeFi.

What Is Spiko Finance?

Spiko Finance is a regulated platform that tokenizes money market funds, giving users easy access to risk-free yields from government treasury bills. Operating under EU regulations and approved by the French Financial Markets Authority (AMF), Spiko makes it simple for anyone—from startups to Web3 enthusiasts—to earn daily interest on their cash without lock-ups or penalties. Their funds are backed by Crédit Agricole’s custody services, ensuring top-notch security.

You can check out more on their official site here.

Breaking Down EUTBL and USTBL

Spiko offers two main products:

• EUTBL (Spiko Euro)​: This is a money market fund invested solely in Treasury Bills from major Eurozone countries, like France. Tokenized on blockchains including Ethereum, Polygon, and Base, it provides a stable, yield-bearing asset in EUR.
• USTBL (Spiko Dollar)​: Similar to EUTBL but focused on U.S. Treasury Bills, offering yields in USD.

These tokens represent shares in the underlying funds, allowing users to deposit fiat or stablecoins and earn interest paid out daily. It's like having a high-yield savings account on-chain, but with the liquidity and transparency of blockchain. For accounting purposes, they're treated like term deposits, which keeps things straightforward for taxes and reporting.

According to CoinMarketCap, EUTBL is a fully licensed EUR money market fund, emphasizing its compliance and focus on low-risk investments.

The Base Chain Connection

Base, Coinbase's Ethereum Layer-2 network, is known for its low fees and scalability, making it ideal for DeFi applications. Spiko's decision to deploy EUTBL on Base taps into this ecosystem, attracting users who want seamless on-chain yields without the high costs of mainnet Ethereum.

The chart from the original tweet shows EUTBL's TVL on Base skyrocketing, while USTBL remains relatively flat. This could point to stronger demand for euro-denominated assets in the current market, perhaps driven by European investors or diversification strategies in crypto.

Why This Milestone Matters

Hitting $5M TVL on Base alone is no small feat, especially for a product that's part of the broader RWA trend. Tokenized assets like EUTBL bring real-world yields to blockchain, competing with giants like BlackRock's BUIDL fund, which also tokenizes U.S. Treasuries.

This growth signals confidence in regulated RWAs, potentially paving the way for more institutional adoption. For blockchain practitioners, it means easier access to stable yields, reducing reliance on volatile meme tokens or risky DeFi protocols. Plus, with milestones like Bpifrance's subscription earlier this year (as noted in Spiko's blog), the platform is gaining traction among traditional finance players.

Looking Ahead

As RWAs continue to evolve, products like EUTBL could become staples in DeFi portfolios. If you're exploring tokenized treasury bills, keep an eye on Spiko—it's blending TradFi reliability with crypto innovation. For the latest updates, follow Spiko on X or dive into data on platforms like CoinGecko.

What do you think this means for the future of yields in crypto? Share your thoughts in the comments!