Investment firm Spiko has plugged Coinbase’s stablecoin payment infrastructure into two EU-regulated Treasury-bill funds, letting eligible investors subscribe and receive redemption proceeds in USDC and EURC. Coinbase confirmed the integration on Tuesday, describing the products as the first UCITS funds in Europe to accept direct stablecoin payments.
What the Integration Covers
The deal spans Spiko’s EU T-Bills Money Market Fund and its US T-Bills Money Market Fund. Both vehicles are structured as Undertakings for Collective Investment in Transferable Securities, or UCITS. Coinbase Payments supplies the payment rails, wallet infrastructure, and API layer, with all transactions settling on Base, Coinbase’s layer-2 network.
Coinbase framed the arrangement as an example of stablecoins functioning as settlement infrastructure, connecting onchain capital directly to regulated investment products and removing bottlenecks at the subscription and redemption stage.
What Investors Can and Cannot Do Around the Clock
Investors can submit fund subscriptions at any time, including weekends and public holidays. Once a position is liquidated, redemption proceeds can reach a stablecoin wallet within minutes. However, Spiko clarified that the Coinbase integration adds a new payment method rather than altering how the underlying funds operate. Round-the-clock stablecoin transfers do not mean the funds continuously process orders, which remain subject to daily processing cycles.
UCITS Market Context
The launch comes as UCITS net sales rebounded sharply in April, according to trade body EFAMA. Net inflows reached 104 billion euros in April, reversing net outflows of 41 billion euros recorded in March. Full-year 2025 UCITS net sales set a record at 828 billion euros, surpassing the previous 2021 high of 813 billion euros.
Broader Push Toward 24/7 Tokenized Fund Access
Spiko and Coinbase are not alone in testing round-the-clock access to tokenized fund products. In February, WisdomTree received regulatory approval for 24/7 secondary trading and instant USDC settlement of its tokenized Treasury fund, with liquidity provided by its broker-dealer while primary fund processes stayed unchanged.
Tokenized money market funds are also being deployed beyond straightforward subscriptions and redemptions. Also in February, Franklin Templeton and Binance launched a program allowing institutions to pledge tokenized fund shares as off-exchange trading collateral while the underlying assets remain in regulated custody.
Key Details at a Glance
Funds covered: Spiko EU T-Bills Money Market Fund and US T-Bills Money Market Fund, both UCITS
Accepted stablecoins: USDC and EURC
Settlement network: Base (Coinbase layer-2)
Infrastructure provider: Coinbase Payments, including wallet and API services
Claimed industry first: first UCITS funds in Europe to accept direct stablecoin payments
