Particula Rating Abstract: SPIKO ($USTBL), January 2025
Particula assigns an AA rating* to the issuance of the USTBL token by Spiko SICAV as of January 22, 2025. The USTBL token represents ownership in the Spiko U.S. T-Bills Money Market Fund, a UCITS-compliant vehicle
that invests exclusively in short-term U.S. Treasury bills.
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The rating reflects positively on the USTBL token’s well-structured product design, robust technical
infrastructure, and adherence to regulatory requirements. Operating within a bankruptcy-remote structure, the
tokenized shares provide direct ownership rights, ensuring clear legal entitlements, governance, and asset
protection. However the rating also considers several challenges, including Spiko’s limited operational history,
potential governance risks, and minor technical concerns. Liquidity and concentration risks are notable, as the
wallet holder structure is concentrated among a small number of large holders, increasing the potential for
liquidity constraints during periods of elevated redemption activity. These concerns are exacerbated by the
nascent stage of the secondary market, which may constrains market depth and transaction efficiency.
Rating: AA rating* assigned by Particula in January 2025 for the Spiko US T-Bills Money Market Fund Token (USTBL).
Licenses & Permits: Licensed by the Autorité des Marchés Financiers as an Open-Ended Investment Company (SICAV).
Market Cap(As of Jan 22, 2025): $ 59,473,860.13
Blockchain Ecosystem: Integrated across multiple blockchains including Ethereum, Polygon, Starknet & Arbitrum.
Key Strengths: Comprehensive regulatory oversight with a bankruptcy-remote operational structure, Robust & well-structured product with efficient technology integration, Broad accessibility with low minimum investment thresholds, Direct ownership and alignment of shareholder interests with fund operations, Low-risk & high-quality underlying asset structure.
Challenges: Limited operational track record & governance considerations, Potential challenges stemming from technical vulnerabilities, Liquidity constraints & market adoption challenges.
Target Investors: The token is available to professional & retail investors.
Token Holder Rights: Absolute Rights Token.
Future Sensitivities: Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. This methodology diligently assesses each issuance on the categories of compliance, economic viability, technological resilience, ESG performance, and operational security, offering investors a deep understanding of the risks and opportunities associated with the issuer, token, and underlying asset.
Particula’s principles acknowledge the difference between digital and analog assets and integrate direct data from issuers, conduct thorough security checks, and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets.
For a complete overview of how Particula’s ratings are issued, request access to our full report on the $OUSG token by Ondo Finance. Explore the evaluation of digital assets and learn how Particula’s assessments can guide you through the world of digital asset investing.
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