Attribution of Growth
Published 7/28/2026, 3:32:31 PM
Arbitrum's $700 million All-Time High (ATH) in tokenized funds is primarily attributed to Spiko, specifically its Euro-denominated T-Bill product (EUTBL). While both protocols contributed to the network's growth, the Arbitrum Foundation has explicitly identified Spiko as the majority driver of this milestone following its expansion into Euro assets and institutional onboarding.
Attribution of Growth
The growth was a result of a "two-pronged" institutional surge: Spiko provided traditional money market access, while USD.AI provided yield-bearing synthetic assets backed by AI infrastructure.
| Protocol | Role in ATH | Primary Asset | Key Driver |
|---|---|---|---|
| Spiko | Primary Driver | EUTBL (Euro T-Bills) | UCITS-compliant money market fund shares; dominant growth engine for Arbitrum RWAs in 2025. [Source: https://www.linkedin.com/posts/arbitrum_tokenized-funds-on-arbitrum-one-just-hit-activity-7487576360777932800-gT4K] |
| USD.AI | Secondary Driver | sUSDai (Staked USDai) | Yield-bearing synthetic dollar backed by GPU/AI infrastructure; reached ~$385M–$415M in deposits. [Source: https://usd.ai/] |
Spiko: The Primary Catalyst
Spiko deployed on Arbitrum on January 28, 2025, introducing tokenized U.S. T-Bills (USTBL) and E.U. T-Bills (EUTBL) [Source: https://www.prnewswire.com/news-releases/spiko-launches-tokenized-money-market-funds-on-arbitrum-302361234.html]. By mid-2025, the EUTBL product became the network's leading Real-World Asset (RWA) growth engine, attracting institutional capital seeking compliant Euro-denominated yields.
USD.AI: The Secondary Catalyst
USD.AI contributed significantly through its sUSDai product, which utilizes GPU and AI infrastructure as collateral.
- Metrics: While some reports cited $385M in deposits for mid-2025, current data from the official site shows total deposits have grown to $415M with over 75,000 users [Source: https://usd.ai/].
- Integration: Growth was bolstered by an Aave DAO proposal to onboard USDai and sUSDai to Aave V3 on Arbitrum, facilitating GPU financing integration [Source: https://x.com/USDai_Official/status/2080692878045806688].
Ecosystem Context
The $700M ATH in tokenized funds is part of a broader institutional expansion on Arbitrum. Total RWA value on the network has been reported to exceed $800M, supported by the presence of major institutional entities such as BlackRock, Franklin Templeton, and WisdomTree [Source: https://arbitrum.io/blog].
Conclusion: Spiko is the primary driver of the $700M ATH due to its dominant EUTBL product, though USD.AI provided substantial secondary support through its $415M in deposits and AI-linked yield products. Note that while the Arbitrum Foundation attributes the growth to these sources, the specific $700M "tokenized funds" figure lacks independent third-party audit confirmation outside of ecosystem announcements.