USTBL

Spiko US T-Bills Money Market Fund USD Share

Issued by SPIKO SICAV

Overall risk score73.5

Smart Contract Security

65

Executive Summary

bench3.ai assessed the official USTBL deployments on Ethereum, Polygon, Base, Arbitrum, Etherlink, Starknet, Stellar and Solana. The assessment addressed proxy and implementation identity, meta-transaction authorization, mint/burn and eligibility controls, redemption state transitions, upgrade authority, non-EVM source correspondence, and cross-network supply reconciliation using non-atomic observations collected over approximately 41 minutes. [E01-E07]

Assessment conclusion

No reportable vulnerability was confirmed in the examined public-production scope. The conclusion is qualified by materially different non-EVM evidence: all three Starknet production classes and ABIs matched the pinned source build; the live Stellar token executable did not match a public repository artifact; and the Solana minter and Gate had strong correspondence while the deployed Token ACL remained source-unresolved and its shared upgrade controller was not publicly identified.

ClassificationRecorded result
Confirmed vulnerabilitiesCritical 0 | High 0 | Medium 0 | Low 0
Control observations3; privileged control concentration, Solana eligibility lifecycle and Stellar emergency-pause configuration
Supply reconciliation154,448,726.41002 USTBL across eight networks; zero base-unit difference from the issuer totals API over a non-atomic observation window from 18:27:04 to 19:08:06 UTC

The supply match is strong bounded accounting evidence across the approximately 41-minute observation window, not an atomic snapshot or proof of continuous cross-network conservation, legal-register equality, asset custody or completed cash settlement. Private KYC, legal-register, NAV, signer-custody, bank and redemption-reconciliation records were not available. [E03-E07]

Market Data

Total Asset Value
$166.87M
7D Annualized Net Yield
3.58%

Overall assessment

73.5

USTBL represents the USD share of Spiko’s U.S. Treasury UCITS compartment, managed by Twenty First Capital with CACEIS Bank as depositary.

Rating details

Assessed

Asset scope

Spiko US T-Bills Money Market Fund, USD share FR001400ODM9

Source dates to

Underlying assets

Portfolio risk

89

Fund or portfolio credit quality

80

Portfolio maturity

100

Currency mismatch

100

Non-sovereign concentration

100

Five-day portfolio liquidity

100

Custodian quality

59

Custodian institution

55

Custody records and asset controls

65

Token structure

Investor protection

100

Holder claim

100

Insolvency protection

100

Backing and reconciliation

60

Fund accounting and assurance

100

Token backing reconciliation

20

Redemption and Exit

82.5

Redemption timing

100

Exit performance and suspension

65

Counterparties

Legal standing

89.5

Holder vehicle regulation

100

Service-provider permissions

65

Operating history

25

Manager and registry operating history

25

Operations

25

Service continuity

25

Blockchain networks

Ethereum, Polygon, Starknet, Arbitrum, Etherlink, Base, Stellar, Solana

Sources