Spiko Integrates Coinbase Stablecoin Rails for EU T-Bill Funds
Investment firm Spiko has integrated Coinbase’s stablecoin payment infrastructure into two regulated EU T-bill funds, enabling USDC and EURC subscriptions and redemptions. This marks the first UCITS funds in Europe to accept direct stablecoin payments, signaling growing institutional adoption of tokenized finance on Coinbase’s Base network.
Quick Take
Spiko’s UCITS funds now accept USDC and EURC for direct subscriptions and redemptions.
Transactions settle on Coinbase’s Layer-2 network Base, enabling near-instant stablecoin transfers.
First European UCITS funds to integrate stablecoin payments, highlighting tokenized fund innovation.
UCITS net sales hit record €828B in 2025, showing strong demand for regulated investment products.
Market Impact Analysis
BullishInstitutional adoption of stablecoins for regulated funds increases demand for USDC/EURC and demonstrates real-world utility on Base, potentially boosting Coinbase and stablecoin ecosystems.
Speculation Analysis
Key Takeaways
- Spiko's UCITS Treasury-bill funds now settle subscriptions and redemptions directly in USDC and EURC, a European first.
- Transactions process on Coinbase’s Base layer-2 network, enabling near-instant stablecoin transfers for fund investors.
- The integration removes traditional payment bottlenecks, allowing investors to enter and exit positions at any time.
- UCITS net sales hit a record €828 billion in 2025, reflecting strong demand for regulated investment vehicles.
What Happened
Investment firm Spiko has enabled stablecoin payments for its two UCITS-compliant Treasury-bill money market funds. Eligible investors can now use USDC or EURC to subscribe and redeem shares through Coinbase’s payment infrastructure. Settlement occurs on Base, Coinbase’s Ethereum layer-2 network, offering near-instant transfers. This marks the first time a European UCITS fund has accepted direct stablecoin payments, bridging onchain capital with regulated investment products. The move signals a significant step in making tokenized funds more accessible and liquid, aligning with the industry’s push for 24/7 fund operations.
The Numbers
The integration covers two Spiko funds: the EU T-Bills Money Market Fund and US T-Bills Money Market Fund. UCITS vehicles saw €104 billion in net inflows during April, reversing €41 billion in March outflows. For full-year 2025, net sales reached a record €828 billion, surpassing the previous 2021 peak of €813 billion. The acceptance of USDC and EURC adds to the $230 billion stablecoin market, with Base handling over $2 billion in daily stablecoin transfer volume.
Why It Happened
Asset managers are accelerating the tokenization of funds to offer 24/7 liquidity and instant settlement. Traditional fund transactions often involve multi-day processing and banking-hour constraints. Stablecoins eliminate these frictions by providing a borderless, always-on payment rail. Coinbase’s integration onto Base means lower transaction costs and faster finality. With UCITS demand at record levels, Spiko’s move caters to investors seeking seamless on- and off-ramps, reflecting a broader shift where digital assets serve as infrastructure for conventional finance.
Broader Impact
This integration could set a precedent for other European fund managers. As more UCITS vehicles adopt stablecoin rails, the line between DeFi and traditional investing may further blur. It also solidifies Coinbase’s role as a bridge between crypto and regulated markets. WisdomTree and Franklin Templeton have tested similar models, suggesting a race to provide always-on fund access. The success of Spiko’s initiative may accelerate regulatory comfort with onchain settlement for investment products.
What to Watch Next
- Whether other UCITS managers follow Spiko’s lead and integrate stablecoin payments, potentially building a new standard for fund subscriptions.
- Coinbase’s expansion of its payment API to more institutional partners, and the growth of stablecoin usage on Base.
- Regulatory developments in the EU around tokenized securities and stablecoin settlement, particularly under MiCA.
This article is for informational purposes only and does not constitute financial advice.
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