July 2026 Spiko Borrow stablecoins against your SAFO shares Steakhouse Financial is launching a market on the Morpho protocol that lets anyone borrow EUR CoinVertible at any time using the Spiko Amundi Overnight Swap Fund (SAFO) shares as collateral.
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Spiko said in September 2025 that it was integrating with Morpho and working with SG Forge to give tokenized money market fund shareholders round-the-clock access to stablecoin liquidity through lending and borrowing. In July 2026, Steakhouse Financial said it was launching a Morpho market that would let users borrow EUR CoinVertible against Spiko Amundi Overnight Swap Fund shares. Spiko also said S&P Global Ratings gave Smart Cash Euro the AAAf and S1+ ratings, both top marks on their scales.
Key claims & sources
What it means
Holders of Spiko’s tokenized money market fund shares are the group most directly touched by the September 2025 announcement, because the setup was framed as giving them 24/7 access to stablecoin liquidity. That means users looking for borrowing access tied to those shares had a named protocol path through Morpho and a named partner in SG Forge.
In practice, the July 2026 launch added a market where SAFO shares could be used as collateral to borrow EUR CoinVertible on Morpho. The earlier Spiko setup still remained a Morpho-based borrowing arrangement, but the later item introduces a specific collateral asset and a specific stablecoin.
Market reaction i
The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
Spiko Amundi Overnight Swap Fund (EUR)
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 42 days ago | API3 Announces NPC Usage as Collateral for USDC Borrowing event | 1 actors in common · 2 news media |