Spiko's EU T-Bill Fund Prices Off Ethereum. US$18M of Its US$994M Lives There.

Revised October 5, 2026: figures corrected.

When a tokenized fund lists a home chain, that chain tends to become its identity — the network in its documentation, the one carrying its price oracle, the one a reader assumes holds the fund. For Spiko's EUTBL, a euro-denominated money-market fund invested in short-dated EU government T-bills, that chain is Ethereum: the deployment flagged as primary, home to the fund's NAV feed.

Independent onchain measurement shows the capital has settled almost entirely elsewhere. Of the roughly US$994 million of EUTBL supply we read directly across six chains — about 99% of the fund — US$18 million, 1.8%, sits on its Ethereum home contract. Nearly half, US$491 million, lives on Stellar, and another US$408 million on Arbitrum. This is not a claim that Spiko has understated anything; the fund's own materials describe its multi-chain presence, and the issuer is among the more transparent in the category. It is that the distribution, read live from the contracts, looks very different from what "home chain Ethereum" implies — and that onchain measurement now makes that distribution legible in a way an off-chain fund's never was.

What EUTBL is, and why the chain matters

EUTBL is issued by Spiko, a French issuer whose money-market funds are structured as UCITS — a materially different wrapper from the US Treasury funds that dominate the tokenized-RWA conversation. It holds short-dated European sovereign T-bills, targets a stable unit value, and accrues yield onchain. Spiko launched the first UCITS-compliant tokenized money-market funds in 2024. For an EU-domiciled UCITS fund, the venue where the tokens actually settle is not a cosmetic detail: it shapes who can hold them, through which intermediaries, and under which chain's liquidity and custody assumptions.

Spiko has since deployed EUTBL across Arbitrum, Stellar, Polygon, Base and Etherlink, describing the newer networks as expansions alongside its Ethereum issuance. The onchain record reframes which is which: these are not expansions off a large Ethereum base — Ethereum is now the smallest meaningful balance of the six, and the fund's center of gravity has moved to Stellar and Arbitrum.

Where the money actually is

The distribution is lopsided in a way a single "multi-chain" label hides. Stellar and Arbitrum together carry roughly nine of every ten euros in the fund. Polygon holds US$54 million and Base US$19 million — together barely a fifth of what Arbitrum alone carries. The fund's home chain, the one holding its price oracle, holds the second-least of the six.

The pattern is not uniform across Spiko's funds. Its US-dollar sister fund, USTBL, keeps its largest single share on Ethereum — about 35% of its US$169 million — with Stellar next at 28% and the rest spread across Arbitrum, Polygon, Starknet, Etherlink and Base. The same issuer's euro and dollar books have taken very different cross-chain shapes: the dollar fund's biggest block still sits on its home chain, while the euro fund's capital has migrated almost entirely off it. Which chain a fund lives on, in other words, is not fixed by where it launched.

The measurement gap

Reading the fund whole is the point, and it is harder than it sounds. EUTBL is issued across seven networks; we read six of them directly from contract state. The seventh, a Starknet deployment of roughly US$11 million — about 1% of the fund — sits outside the six chains measured here, so it is disclosed here and excluded from the totals above. Even so, our six-chain sum of about US$994 million sits within about a percent of the figures independent trackers publish for the whole fund, which tells us the six chains measured here capture very nearly all of it.

The honest framing is narrow and it is the right one: across the roughly 99% of EUTBL we can measure onchain, the money has moved off the fund's home chain — not that the issuer has understated or hidden anything. Every balance here is public contract state anyone can verify. What onchain measurement adds is the ability to see the whole distribution at once, in real time — the kind of visibility the opaque off-chain funds this category is replacing never offered.

What it means

EUTBL is one fund, and its concentration on Stellar and Arbitrum may reflect a specific set of intermediaries and access decisions rather than a broad market verdict. But paired with BlackRock's BUIDL — where a majority of a multi-billion-dollar fund also sits off Ethereum — it is a second issuer, in a different jurisdiction and asset class, showing the same thing: the chain a tokenized fund registers on is increasingly not the chain its capital settles on. For EUTBL the gap is not a lean; it is more than 98 cents of every measured dollar. The question worth watching is whether the next EU-based tokenized fund to report its cross-chain split looks like Spiko's — or like the Ethereum-default assumption the industry still leads with.

Since publication (October 9, 2026): holders redeemed 13.56% of EUTBL's tokens in two weeks, and Arbitrum overtook Stellar as the fund's largest chain.