Holders Redeemed 13.56% of Spiko's Euro T-Bill Fund in Two Weeks, and the Outflow Has Not Stopped

Holders of EUTBL, Spiko's euro Treasury-bill money-market fund, redeemed a net 13.56% of its tokens in the two weeks to the October 8, 2026 close, about US$100.27M at the current price. The exit began in the month the European Central Bank raised its deposit facility rate to 2.50%, effective September 16, a change that lifts what short-dated euro bills pay. One account accounted for 4.62% of the fund in a single day, and a second week of redemptions followed the first.

That matters to three groups. For allocators and corporate treasurers weighing a tokenized money fund, it is a concrete measure of concentration: one holder's exit shrank the token count by nearly a twentieth. For lenders, Spiko has integrated EUTBL with Morpho so holders can borrow stablecoins against it at up to 96.5% loan-to-value, and a fund whose float can fall by more than an eighth in two weeks is the collateral those markets are pricing. For anyone who sizes the fund by its launch chain, the ranking has changed. The onchain record shows that holders left; it does not show why.

A large first week, then a smaller second one

Tokens outstanding fell from 622.09M at the September 26 close to 555.70M at the October 2 close, a 10.67% drop. The fund did not settle redemptions over the weekend, and when it resumed, the outflow continued: tokens fell a further 17.97M, or 3.23%, to 537.72M at the October 8 close. Only one close in the period, October 6, showed a small rise. Stellar lost 48.62M tokens over the two weeks and Arbitrum 35.34M, together 99.51% of the net fall. Polygon lost 2.01M, Ethereum gained 1.64M, and Base and Etherlink were roughly unchanged.

One redemption dominated the first week. On October 2, a single Stellar account sent 28.73M tokens, about US$34.14M, to Spiko's redemption contract, which burned them with that morning's batch. That one account equaled 4.62% of the fund's tokens on September 26 and 59% of Stellar's two-week decline.

Arbitrum has led since October 2

The fund's largest chain changed hands during the run. Arbitrum first passed Stellar at the September 28 close, Stellar moved back ahead from September 29 to October 1, and Arbitrum has led at every close since October 2, when the large Stellar redemption settled. At the October 8 close Arbitrum held 232.92M tokens, about US$276.83M, or 43.32% of the six-chain total, against Stellar's 222.87M, about US$264.88M, or 41.45%. In July, OCB found that nearly half of EUTBL sat on Stellar.

Counting tokens separates redemptions from the euro

EUTBL is priced in euros, so its dollar size moves with the exchange rate as well as with redemptions. This report counts tokens and values the net change at one price for every date: US$1.19, the fund's net asset value of 1.060588 euros times the European Central Bank's reference rate of 1.1206 dollars per euro on October 9. The 13.56% fall is holders leaving, not the euro weakening.

What to watch

The question is whether the second week was the tail of one event or the start of a slower drain. Three signals will answer it. First, the daily burn batch: a return to small, scattered redemptions would make October 2 an outlier. Second, the gap between Arbitrum and Stellar, which stood at 10.05M tokens at the October 8 close. Third, new subscriptions on any chain, which have been too small to offset the exits. With euro bill yields rising, a fund that keeps shrinking would raise the question of where its holders are taking that yield instead. OCB reads each of these at every daily close on the EUTBL page.