Spiko links its EU-regulated T-bills to Coinbase's stablecoin rails: tokenization shifts to payment mode

A lock has just been broken: Spiko connects its regulated money market funds (European T-bills, AMF-approved) to Coinbase's stablecoin infrastructure - first T+0 on-chain settlement for a regulated European fund, the day after MiCA comes into force.

The Fact

Cointelegraph reports (06/30/2026) that Spiko – an AMF-licensed fintech specializing in the tokenization of regulated T-bills – is integrating its infrastructure with Coinbase’s stablecoin rails (Base network). Holders of Spiko money market funds (US and EU T-bills) can now transfer their positions on-chain in T+0, bypassing traditional settlement (T+2). This marks the first time a regulated European fund has leveraged the stablecoin rails of a major U.S. exchange – in a context where MiCA came into force on July 1, 2026, and Coinbase Europe secured its CASP license on June 23.

Our Take

This case extends the trend already observed in this thread (BlackRock/USDe in Aladdin, Spark/Uniswap v4 FX layer, RLUSD in Japan): Spiko brings regulatory compliance (AMF, MiCA), while Coinbase provides liquidity and on-chain payment rails. The result: a tokenized T-bill can serve as collateral or a payment method in T+0 – the equivalent of a money market fund as "cash equivalent," but on-chain. In the post-MiCA environment, this regulated/on-chain hybrid model is becoming the emerging standard for institutional treasuries seeking to balance compliance and efficiency.

To Watch

• Adoption by European corporate treasurers (T+0 vs. T+2 arbitrage)
• ESMA’s decision on MiCA classification for tokenized money market funds (Q3 2026)
• Expansion to other MiCA-licensed exchange partners (Kraken EU, Bitstamp)