Spiko's EU T-Bill Fund Is Registered on Ethereum. US$18M of Its US$994M Lives There.

When a tokenized fund lists the chain it is registered on, 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 on-chain 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 "registered on Ethereum" implies — and that on-chain 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 and regulated in the EU — 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 on-chain. Spiko launched the first UCITS-compliant tokenized money-market funds in 2024, and by early 2026 the firm crossed US$1 billion across its fund family. For an EU-domiciled, MiCA-era 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 on-chain 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 chain the fund is registered under, and the one holding its price oracle, holds the least of the six.

The pattern is not uniform across Spiko's funds. Its US-dollar sister fund, USTBL, keeps a majority on Ethereum — about 55% of its US$106 million — with the rest spread across the same L2s. The same issuer's euro and dollar books have taken very different cross-chain shapes: the dollar fund still centers 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$10 million — about 1% of the fund — runs on a virtual machine we do not yet independently measure, so it is disclosed here and excluded from the totals above. Even so, our six-chain sum of about US$994 million sits within a percent of the figures independent trackers publish for the whole fund, which tells us the six chains we can read 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 on-chain, the money has moved off the chain the fund is registered under — not that the issuer has understated or hidden anything. Every balance here is public contract state anyone can verify. What on-chain 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 US$2.1 billion 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-regulated tokenized fund to report its cross-chain split looks like Spiko's — or like the Ethereum-default assumption the industry still leads with.