Spiko and Coinbase launch 2 stablecoin-funded UCITS funds in Europe

Spiko became the first UCITS fund manager in Europe to accept stablecoin payments, integrating Coinbase's USDC and EURC rails for 24/7 subscriptions and redemptions across two Treasury money market funds.

"Stablecoins are reshaping settlement infrastructure for regulated funds by removing the multi-day bottleneck investors face when entering or exiting a product," Coinbase said in a statement, describing the integration as a way to connect onchain capital with regulated investment vehicles.

The two funds — the EU T-Bills Money Market Fund and the US T-Bills Money Market Fund — are structured as Undertakings for Collective Investment in Transferable Securities, the most regulated fund framework in Europe. Coinbase Payments provides the wallet, API and settlement infrastructure, with transactions settling on Base, Coinbase's layer-2 network. Investors can submit subscriptions at any time, including weekends and holidays, while redemption proceeds can reach a stablecoin wallet within minutes after a position is liquidated.

The integration addresses what 88% of institutional investors identified as the most appealing use case for stablecoins — T+0 securities settlement — according to an EY-Parthenon survey commissioned by Coinbase. Tokenized money market funds are increasingly used beyond subscriptions: in February, Franklin Templeton and Binance introduced a program allowing institutions to pledge tokenized fund shares as off-exchange trading collateral while the assets remain in regulated custody.

Spiko's move comes as UCITS funds see a rebound in net sales. The vehicles recorded net inflows of 104 billion euros in April, compared with net outflows of 41 billion euros in March, according to data from trade group EFAMA. Net sales reached a record 828 billion euros in 2025, surpassing the previous high of 813 billion euros set in 2021.

The integration does not change the underlying fund processes — subscriptions and redemptions still follow the fund's standard operating procedures. What changes is the payment method: instead of relying on traditional bank wires that can take multiple business days to settle, investors can use USDC and EURC, with Coinbase Payments handling the conversion and settlement on Base.

Other asset managers have tested similar approaches. WisdomTree received approval in February for round-the-clock secondary trading and instant USDC settlement of its tokenized Treasury fund, with liquidity supplied by its broker-dealer while primary fund processes remained unchanged.

This article is for informational purposes only and does not constitute investment advice.