The financial world is witnessing a profound transformation, with traditional finance (TradFi) giants increasingly embracing blockchain technology to enhance efficiency, transparency, and accessibility. A significant milestone in this evolution was recently marked by Amundi, Europe’s largest asset manager, with the launch of its Spiko Amundi Overnight Swap Fund (SAFO) [1, 15]. This tokenized fund, built on both the Ethereum and Stellar blockchains and commencing with approximately $100 million in committed assets [1, 15], signals a clear acceleration in the institutional adoption of real-world asset (RWA) tokenization. Amundi's move is not an isolated event but rather a powerful indicator of a broader industry shift, where tokenization is redefining everything from institutional cash management to the very infrastructure of global commerce and the emerging 'agentic economy' powered by artificial intelligence.
Amundi's SAFO: A Deep Dive into Institutional Tokenization
Amundi, an asset management powerhouse overseeing €2.3 trillion (or €2.4 trillion according to another source) in assets under management (AUM), has taken a decisive step into the digital asset space with the introduction of the Spiko Amundi Overnight Swap Fund (SAFO) [1, 12, 13, 15]. This new tokenized fund, launched in collaboration with Spiko, a French-law regulated tokenization platform, is designed as a sub-fund of SPIKO SICAV [1]. Starting with an initial commitment of around $100 million, SAFO is structured to operate on both the Ethereum and Stellar blockchains, showcasing a dual-chain architecture that leverages the strengths of each network [1, 12, 13, 15].
Structure and Key Features of SAFO
SAFO is not a typical tokenized Treasury bill fund, which currently dominates the on-chain RWA market. Instead, it is structurally distinct, utilizing fully collateralized total return swaps with top-tier banks, initially including BNP Paribas [13, 12]. In this arrangement, the fund holds a portfolio of assets on behalf of a major bank, which in turn pays the fund an agreed rate above risk-free benchmarks in exchange for the portfolio's investment returns [13]. Banks are motivated to pay this premium because holding assets on their own balance sheets can be expensive due to regulatory capital requirements [13]. This structure is designed to deliver stable yields while maintaining overnight liquidity [12, 13].
The fund is positioned as a cash equivalent instrument, specifically tailored for corporates and financial institutions seeking efficient cash management solutions [12]. Amundi serves as the delegated investment manager, while CACEIS acts as the depositary bank and fund administrator [12]. Spiko's role is crucial, managing the transfer agency, tokenization infrastructure, and brokerage for the fund shares [12].
A core benefit highlighted by Amundi is the fund's ability to enable almost immediate settlement, a significant improvement over traditional financial instruments [1]. Furthermore, SAFO supports multiple ways to hold assets, provides live visibility into the shareholder register, and allows fund shares to move globally around the clock [1]. Automated access is facilitated through APIs or smart contracts, enhancing operational efficiency and flexibility for institutional clients [1, 12]. The fund supports denominations in euro, US dollar, pound sterling, and Swiss franc, with subscriptions and redemptions starting from one unit of each currency, offering flexible custody options [12].
The Role of Blockchain and Oracles
The choice of Ethereum and Stellar for SAFO's underlying blockchain infrastructure is strategic. Ethereum provides a robust smart contract ecosystem, while Stellar offers lower-cost transfer rails, creating a powerful dual-chain architecture for the fund's shareholder register [13]. This multi-chain approach addresses different operational needs and potentially broader accessibility.
Transparency and data integrity are ensured through the integration of Chainlink oracles. Chainlink is responsible for publishing the fund’s net asset value (NAV) on-chain, bridging the gap between off-chain fund valuation and on-chain execution [1, 12, 13]. This critical function provides real-time, verifiable data, which is essential for institutional confidence and regulatory compliance in the tokenized asset space [13].
SAFO represents Amundi's second foray into blockchain-based funds, following a tokenized money market fund launched on Ethereum in November [13]. This consistent engagement underscores Amundi's expanding digital asset strategy and its commitment to exploring the potential of blockchain technology for institutional investment vehicles [12]. Jean-Jacques Barbéris, Head of Institutional and Corporate Clients, and ESG at Amundi, emphasized the firm's commitment to leveraging tokenized assets to meet evolving client needs [1].
The Broader Landscape of Real-World Asset (RWA) Tokenization
Amundi's launch is a prominent example within a rapidly expanding trend of real-world asset (RWA) tokenization. Institutions historically rooted in traditional finance are actively finding ways to integrate tokenized assets, ensuring they are not left behind in the evolving crypto landscape [1]. This movement is driven by the promise of enhanced liquidity, fractional ownership, increased transparency, and operational efficiencies that blockchain technology can offer.
Institutional Embrace and Yield-Bearing RWAs
The market is witnessing a significant push to convert traditionally non-yielding assets into income-generating instruments through tokenization [9]. A prime example is the growing interest in tokenized gold. Bybit, the second-largest cryptocurrency exchange globally by trading volume, has introduced "XAUT Earn," an innovative offering that allows investors to accrue interest on their tokenized gold positions [2]. This product centers on Tether Gold (XAUT), which is the leading tokenized gold asset with a market capitalization approaching $3 billion [2, 9].
Bybit's XAUT Earn provides both flexible staking and locked-term savings options, enabling investors to earn returns while maintaining exposure to gold's market value fluctuations [2]. This directly addresses a long-standing characteristic of gold, which historically functions as an asset class that generates no income; traditional gold investment products like the SPDR Gold Trust do not distribute dividends or interest [2]. Bybit explicitly states that this product launch responds to an increasing market appetite for investment vehicles that offer both wealth preservation and income opportunities, signaling a broader strategic expansion into tokenized RWAs beyond conventional cryptocurrency trading [2, 9].
Further illustrating this trend, the tokenization platform Theo recently unveiled a $100 million structured investment facility backing its gold-linked, yield-bearing stablecoin, thUSD [9]. This model involves purchasing tokenized gold while simultaneously hedging price risk by shorting gold futures, aiming to generate returns from financing and derivatives market spreads rather than solely from outright price movements [9].
The World Gold Council, a trade association funded by leading gold mining companies, is also actively working to establish standards for tokenized gold [11]. They have proposed a framework for addressing the complexities of tokenized gold, aiming to bolster confidence through features like continuous audits and establishing fungibility across products [11]. Their "Gold as a Service" platform concept seeks to provide a shared network for managing physical reserves, contrasting with existing models where companies like Paxos and Tether have built their own custody and issuance pipelines [11]. Mike Oswin, Global Head of Market Structure and Innovation at the World Gold Council, likened this initiative to Intel's iconic stickers, signifying a standard of quality and reliability [11].
Beyond gold, the demand for RWA yield is being met in other areas. EtherFi, a crypto neobank and Ethereum restaking protocol with nearly $6 billion in total value locked (TVL), is integrating Plume Network's Nest Vault infrastructure to offer its users access to tokenized RWA yield [10]. This integration focuses on Plume's nBASIS vault, powered by Superstate's USCC fund, which generates returns from basis spreads across various cryptocurrencies including Bitcoin, Ether, Solana, and XRP [10]. This move by EtherFi, which began as a liquid restaking protocol, into a neobank model highlights the industry's shift towards diversified and sustainable return sources beyond native DeFi strategies, especially as DeFi yields face increasing compression [10].
Tokenized Securities and Funds Gaining Traction
The tokenization of traditional securities and investment funds is also accelerating. Apex Group and Coinbase Asset Management have launched a tokenized Bitcoin Fund [3, 6]. Anthony Bassili of Coinbase Asset Management noted that the Bitcoin Yield Fund's tokenized share class incorporates "identity and eligibility at the token level" for compliance, indicating a sophisticated approach to regulatory adherence in the digital asset space [6].
Centrifuge, a platform for institutional tokenization, is partnering with LayerZero to expand multichain access for its tokenized funds [14]. Centrifuge's largest tokenized fund, JTRSY, which holds nearly $861 million in tokenized U.S. Treasuries, along with JAAA and SPXA (the first licensed tokenized S&P 500 index fund), are among the first products to adopt LayerZero's OApp standard [14]. This partnership aims to address blockchain fragmentation, allowing issuers to extend products across over 165 blockchain networks while maintaining a unified supply [14]. These funds are set to expand across Ethereum, Solana, Avalanche, BNB Chain, Base, Optimism, and HyperEVM, demonstrating a clear move towards broad interoperability [14].
Even established crypto exchanges are broadening their offerings. Kraken, for instance, has expanded its tokenized securities offerings to over 500 listings, with its "xStocks" product now surpassing 100 fully backed, 1:1 tokenized US stocks and ETFs [18]. Since its launch in 2025, Kraken has reported over $325 billion in transaction volume for tokenized securities [18]. Val Gui, General Manager of xStocks, articulated a vision where stocks should move on-chain, seeing tokenized equities as the future of financial infrastructure [18]. This expansion positions Kraken as an "everything platform" for managing a full spectrum of assets, including banking features [18].
Liquidity solutions for these tokenized assets are also emerging. Flow Traders Ltd., an Amsterdam-based trading firm, has rolled out a digital assets over-the-counter (OTC) service that provides 24/7 two-way pricing and execution for tokenized money-market funds, equities, and commodities [19]. Initial assets covered include Franklin Templeton’s BENJI tokenized money-market fund and Tether Gold (XAU₮) [19]. This service directly addresses institutional demand for reliable trading and hedging capabilities during periods of volatility that extend beyond traditional market hours, such as overnight sessions and weekends when conventional exchanges are closed [19]. Thomas Spitz, CEO of Flow Traders, views tokenization as the "logical next chapter in market evolution," akin to the impact of ETFs and electronic trading [19].
Building the Foundation: Infrastructure for a Tokenized Future
The widespread adoption of tokenized RWAs necessitates robust and compliant infrastructure. Several key developments are addressing the challenges of fragmentation, compliance, and interoperability.
Compliance and Interoperability Layers
A significant hurdle for regulated tokenized assets is ensuring compliance across multiple blockchain networks without redundant identity verifications or eligibility assessments. Apex Group, in partnership with Polygon Labs, has introduced T-REX Ledger, a specialized blockchain infrastructure designed to centralize compliance management for ERC-3643 tokens [17, 22]. ERC-3643 is an Ethereum-based token standard for permissioned tokens representing real-world assets, supporting compliant issuance [22].
T-REX Ledger functions as a shared compliance layer that other chains can query, while actual transaction settlement occurs on separate networks [17, 22]. Built using Polygon’s Chain Development Kit and integrated through Agglayer connectivity, the platform maintains simultaneous compatibility with numerous blockchain ecosystems [17]. Apex Group, acting as the initial on-chain transfer agent, aims for T-REX Ledger to manage $100 billion in tokenized assets by June 2027, leveraging Apex’s substantial $3.5 trillion asset administration capabilities [17]. This platform establishes a consolidated registry for investor identification data, eligibility criteria, and transfer protocols, eliminating duplicative verification processes across distributed networks [17, 22]. This initiative directly addresses the fragmentation of identity checks and transfer restrictions that often plague tokenized security markets [17, 22].
Interoperability is another critical component. The partnership between LayerZero and Centrifuge, as mentioned earlier, aims to make access and distribution of tokenized RWA products broader with multichain reach from launch [14]. LayerZero's OApp standard allows for a unified supply across numerous blockchain networks, tackling the issue of blockchain fragmentation head-on [14]. This collaboration also sets the stage for Centrifuge assets to be deployed on Zero, LayerZero's recently launched Layer 1 blockchain, which is backed by major players like Citadel Securities, The Depository Trust & Clearing Corporation (DTCC), and Intercontinental Exchange (ICE) [14]. The DTCC's involvement in the ERC-3643 Association since 2025 further underscores the institutional push into tokenized collateral and securities infrastructure [22].
Dedicated Blockchain Networks and Oracles
Beyond general-purpose blockchains, specialized networks are emerging to cater to the unique demands of financial transactions. Tempo, a specialized payments network developed with backing from Stripe and investment firm Paradigm, has gone operational on its primary blockchain [7]. Tempo was conceived as a dedicated Layer 1 blockchain explicitly tailored for large-scale financial transactions, prioritizing stable digital currencies to deliver fast, affordable, and highly customizable payment capabilities for global use cases [7]. These include cross-border remittances, micro-payments, embedded financial services, and tokenized financial instruments [7].
Tempo's mainnet activation brings key technical advantages such as quick transaction confirmations approaching half a second, predictable and minimal transaction costs settled directly in stable assets, and specialized pathways ensuring consistent performance even under heavy load [7]. These features position Tempo as an ideal foundation for high-frequency and precision financial operations [7]. Concurrently, Tempo has rolled out an innovative, openly available standard aimed at streamlining payments conducted by automated machines and intelligent systems, hinting at its role in the emerging "agentic economy" [7].
Oracles, like Chainlink, continue to play a vital role in connecting the on-chain and off-chain worlds. As seen with Amundi's SAFO fund, Chainlink's ability to publish accurate, tamper-proof NAV data on-chain is fundamental for transparency and trust in tokenized financial products [1, 12, 13].
The Rise of the "Agentic Economy" and Programmable Money
Tokenization is not only transforming traditional finance but also laying the groundwork for a new paradigm of commerce and automation, often referred to as the "agentic economy." This future envisions autonomous AI agents independently executing tasks and managing financial transactions.
Invisible Commerce and AI-Driven Payments
Tokenization is evolving into a structural layer that enables commerce to proceed without a visible checkout process [4]. This shift, highlighted in a PYMNTS Intelligence and Visa collaboration, frames payment tokenization as a "digital trust layer" that replaces primary account numbers with secure credentials [4]. This allows transactions to run across existing rails while shielding sensitive data, creating a "checkout without the checkout page" experience [4]. In this scenario, an AI agent or wallet relies on a tokenized credential, transacting within predefined parameters, while the merchant receives valid payment without ever seeing the underlying card number [4]. This token, stored and managed within the network, can be refreshed or revoked and cannot be mapped back to the original account by the merchant, enhancing security and privacy [4].
The concept of an "agentic economy," where AI systems can independently execute tasks involving money, is gaining significant traction. World Liberty Financial (WLFI) has introduced an AI payments toolkit, the AgentPay SDK, positioning its USD1 stablecoin as a core settlement layer for this emerging economy [8]. The open-source SDK enables AI agents to hold funds, send transactions, and operate within predefined policy constraints across EVM-compatible blockchains [8]. This framework provides a controlled and secure manner for AI systems to interact with financial rails, automating routine payments while maintaining oversight through balance checks, policy evaluation, and optional human approval for higher-value transfers [8]. WLFI is positioning USD1 as an "AI-native settlement layer," tailored for non-human transactors [8].
Further solidifying this trend, Cloudflare Inc. is reportedly working on its own dedicated stablecoin, the NET Dollar, with Coinbase and Zerohash competing to handle its issuance [21]. This initiative aims to create a reliable US dollar-pegged token specifically designed to power seamless transactions in the "agentic web," where autonomous AI agents independently browse, negotiate, and settle payments without constant human oversight [21]. Cloudflare, with its dominant position in global web traffic management and cybersecurity, seeks to embed stablecoin functionality directly into web infrastructure, unlocking efficient micropayments for AI-driven activities such as content access, data processing, and automated services [21]. A stablecoin issued under Cloudflare's umbrella could become the default settlement layer for these intelligent agents [21].
Security Imperatives in the Agentic AI Environment
As AI agents become more autonomous and integrated into financial processes, the importance of robust security cannot be overstated. Ledger, the crypto hardware wallet firm, has emphasized that the emergence of AI agents represents a transformative shift akin to the internet's arrival in the 1990s [23]. These intelligent systems act as autonomous tools, handling complex tasks, accessing sensitive resources, and managing everyday operations on behalf of users [23].
Ledger's Chief Experience Officer, Ian Rogers, highlighted that while AI agents offer unprecedented efficiency by empowering individuals to delegate work, their non-deterministic nature introduces inherent risks [23]. Their outputs can vary unpredictably, leading to errors, system crashes, or premature conclusions [23]. Giving such systems unfettered access to valuable assets—like personal data, API credentials, financial accounts, or digital wallets—without robust safeguards could lead to chaos [23]. This underscores the critical need for secure hardware and protocols to protect digital assets in an increasingly agentic and automated financial landscape [23].
Stablecoins: The Bedrock of Digital Finance
Stablecoins are increasingly recognized not merely as a competitor to traditional currencies but as fundamental infrastructure for the evolving digital financial ecosystem [5]. Their role is pivotal in facilitating the seamless movement of value across blockchain networks and enabling the functionalities of tokenized RWAs and the agentic economy.
Circle, one of the world’s largest stablecoin issuers, has actively advocated for a principles-based stablecoin framework, urging the UK to lead in this area [20]. Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy and Operations, testified before the UK House of Lords Financial Services Regulation Committee, emphasizing the importance of thoughtful oversight for stablecoin growth [20]. This advocacy highlights the industry's desire for clear regulatory guidelines that foster innovation while ensuring stability and consumer protection, crucial for stablecoins to fully realize their potential as financial infrastructure [20].
The development of stablecoins like WLFI's USD1 and Cloudflare's NET Dollar further illustrates their foundational role, particularly in enabling programmable payments for AI agents and facilitating micropayments in the agentic web [8, 21]. These stablecoins are designed to be the settlement layer for automated, machine-to-machine transactions, demonstrating their utility beyond human-initiated transfers [8, 21].
Even in traditional lending, crypto-backed solutions are innovating. Nexo, a digital assets wealth platform, received an award for its Zero-Interest Credit (ZiC) product, which allows users to borrow against Bitcoin (BTC) or Ethereum (ETH) at 0% APR with no fees [16]. This product introduces a fixed-duration structure with predefined repayment parameters, eliminating margin calls and mid-term liquidations, and providing borrowers with predictable outcomes regardless of market volatility [16]. This innovation in crypto-collateralized lending, a market segment estimated at $70 billion, showcases how digital assets are enabling new financial products and services [16].
Market Dynamics, Innovation, and Future Outlook
The confluence of these developments paints a picture of a financial landscape undergoing rapid and profound change. The driving forces behind this transformation are clear: institutional demand for greater efficiency, transparency, and new income-generating opportunities, coupled with technological advancements that make these innovations possible.
The market appetite for investment vehicles that deliver both wealth preservation and income opportunities is a significant catalyst, as evidenced by products like Bybit's XAUT Earn [2]. As DeFi yields become increasingly compressed, retail users onboarded through neobanks like EtherFi are seeking more sustainable and diversified return sources beyond native DeFi strategies, further fueling the demand for tokenized RWA yield [10].
Challenges such as blockchain fragmentation and complex compliance requirements are actively being addressed through initiatives like Apex Group's T-REX Ledger and the LayerZero-Centrifuge partnership [14, 17, 22]. These solutions aim to streamline the issuance, transfer, and management of tokenized assets across diverse networks, paving the way for broader adoption and greater liquidity.
The vision articulated by industry leaders suggests that tokenization is not merely an incremental improvement but a fundamental shift. Val Gui of Kraken believes that stocks should go on-chain, seeing tokenized equities as the "future of financial infrastructure" [18]. Thomas Spitz of Flow Traders describes tokenization as the "logical next chapter in market evolution," building on the transformations brought by ETFs and electronic trading [19]. The early traction in tokenized and synthetic equity markets, where activity in select large-cap U.S. names has occasionally reached 2–3 percent of the notional volume seen on primary U.S. exchanges, underscores this potential [19].
The emergence of the "agentic economy" further expands the scope of tokenization, envisioning a future where AI agents autonomously manage payments and transactions, enabled by stablecoins and secure digital infrastructure [8, 21, 23]. This future promises unprecedented levels of automation and efficiency, but also necessitates robust security frameworks to manage the inherent risks of non-deterministic AI systems [23].
Conclusion
Amundi's launch of the Spiko Amundi Overnight Swap Fund on Ethereum and Stellar is a powerful testament to the accelerating institutional embrace of tokenized real-world assets. This move, alongside numerous other initiatives from major financial players like Bybit, Coinbase, Apex Group, Centrifuge, Kraken, and Flow Traders, signifies a pivotal moment in the convergence of traditional finance and blockchain technology. The industry is actively building the necessary infrastructure for this new paradigm, addressing critical aspects such as compliance, interoperability, and dedicated network capabilities. Furthermore, tokenization is poised to underpin the emerging 'agentic economy,' where AI-driven commerce and programmable money will redefine how value is exchanged. As stablecoins solidify their role as essential digital infrastructure and innovative yield-generating products gain traction, the financial landscape is clearly moving towards a more efficient, transparent, and interconnected future, driven by the transformative potential of tokenized assets.