Coinbase and Spiko have opened a stablecoin payment rail for Spiko’s UCITS money-market funds, letting investors subscribe and redeem with USDC and EURC instead of relying only on bank transf
Coinbase and Spiko have opened a stablecoin payment rail for Spiko’s UCITS money-market funds, letting investors subscribe and redeem with USDC and EURC instead of relying only on bank transfers.
The integration uses Coinbase Payments and runs on Base, giving stablecoin holders a route between onchain cash and regulated Treasury-bill funds. Spiko’s EU T-Bills Money Market Fund and US T-Bills Money Market Fund now accept stablecoin funding at the fund level, with subscriptions and redemptions processed through Coinbase infrastructure.
The change targets one of the main frictions between crypto treasury management and traditional funds. Stablecoin holders could already move capital at blockchain speed, while regulated money-market products still depended on SEPA, Swift or other banking rails that could take one to three business days. Spiko now gives eligible investors a way to move between USDC, EURC and tokenized money-market fund exposure without leaving stablecoin rails.
Coinbase has also been expanding beyond spot crypto trading into payments and tokenized assets. Its recent move into 1:1-backed tokenized U.S. stocks put equities on the same broader path, where regulated financial products are being rebuilt around onchain settlement, custody and redemption mechanics.
The two Spiko funds sit under Spiko SICAV, are domiciled in France and are regulated by the French Financial Markets Authority. The funds invest in Eurozone and U.S. Treasury bills, giving holders tokenized exposure to short-term sovereign debt rather than unsecured crypto yield.
Spiko crossed the $1 billion AUM milestone earlier this year, helped by demand from companies, fintechs, startups and treasury teams looking for daily liquidity and daily yield. Its tokenized fund shares are designed to be transferable 24/7, while the underlying products remain regulated fund structures rather than simple stablecoin wrappers.
That distinction matters for market structure. USDC and EURC remain payment assets, while Spiko’s funds are regulated money-market products with yield generated from Treasury-bill exposure. The new connection lets stablecoin holders enter and exit those funds more directly, but it does not turn the fund shares into stablecoins or remove fund eligibility, onboarding, compliance or jurisdiction rules.
The launch also follows earlier institutional tokenization activity around Spiko. Amundi and Spiko recently brought a tokenized UCITS fund to Solana, adding another European fund product to the onchain RWA stack. The broader market has already pushed the tokenized RWA sector past $31 billion across Treasuries, credit, commodities, funds and other productive assets.
The partnership gives digital-asset businesses and crypto-native treasuries a cleaner route for idle stablecoin balances. Instead of waiting for banking windows, investors holding USDC or EURC can use stablecoin rails to fund subscriptions and receive redemptions back into stablecoins when they exit.
The product also adds another use case for Base beyond trading and consumer apps. Coinbase says the Spiko integration uses Base as the settlement layer, with Coinbase Payments handling stablecoin flow and wallet infrastructure. That puts the network into a regulated fund-payment role, where speed and cost matter but compliance, custody and fund administration remain central.
Stablecoin settlement is increasingly moving into institutional workflows. Coinbase has already pushed stablecoin infrastructure into cross-border payments, app-based yield products and treasury operations, while traditional firms are testing custody and settlement around assets such as USDC. The Spiko connection brings that same payment logic into European UCITS funds.
Spiko’s stablecoin subscription and redemption feature is live for USDC and EURC across its EU and U.S. T-Bills money-market funds, with Coinbase Payments acting as the settlement infrastructure provider.
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