OPENEDEN TBI vs SPIKO
OpenEden TBILL and Spiko, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and OPENEDEN TBI/SPIKO spread
Loading price history…
OpenEden TBILL issues dollar-denominated tokenized real-world assets across 5 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Spiko issues dollar-denominated tokenized real-world assets across 7 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 63 | 66 | SPIKO |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $0.00 | Tie |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $253.16M | $2.46B | SPIKO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 5 chains | 7 chains | SPIKO |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
SPIKO scores higher on safety (66 vs 63), driven mainly by collateral quality and disclosure. OPENEDEN TBI has deeper tracked liquidity ($0.00), which is what determines whether you can exit at size.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: OPENEDEN TBI or SPIKO?
Capital preservation over everything else.
For park cash safely, SPIKO edges out OPENEDEN TBI — but it is close enough that either works.
- Safety score 66 vs 63, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for OPENEDEN TBI.
- No material depeg recorded for SPIKO in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
OPENEDEN TBI
- Issuer and banking risk: reserves sit with OpenEden TBILL under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 80% of supply sits on Binance.
SPIKO
- Issuer and banking risk: reserves sit with Spiko under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
| Metric | OPENEDEN TBI | SPIKO |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | OpenEden TBILL | Spiko |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | asset-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $253.16M | $2.46B |
| 7d supply change | −0.85% | +3.06% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 5 | 7 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (OPENEDEN TBI vs SPIKO)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- OPENEDEN TBI 0.000% · SPIKO 0.000%
- Yield spread
- +0.00%
- OPENEDEN TBI — · SPIKO —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between OPENEDEN TBI and SPIKO costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
OPENEDEN TBI is live on 5 chains, SPIKO on 7. 2 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | OPENEDEN TBI | SPIKO | Both available |
|---|---|---|---|
| — | $1.52B | SPIKO only | |
| $12.7K | $470.95M | Yes | |
| $21.23M | $215.34M | Yes | |
| $201.53M | — | OPENEDEN TBI only | |
| — | $172.18M | SPIKO only | |
| — | $39.63M | SPIKO only | |
| — | $33.82M | SPIKO only | |
| $30.15M | — | OPENEDEN TBI only | |
| — | $4.91M | SPIKO only | |
| $230.9K | — | OPENEDEN TBI only |
OPENEDEN TBI vs SPIKO: frequently asked questions
Is OPENEDEN TBI or SPIKO safer?
+
On our composite safety score SPIKO rates 66/100 versus 63/100 for OPENEDEN TBI. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between OPENEDEN TBI and SPIKO?
+
OpenEden TBILL is issued by OpenEden TBILL (Not documented), backed by treasuries, with redemption terms: gated. Spiko is issued by Spiko (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for OPENEDEN TBI and "monthly" for SPIKO.
Which has the bigger market cap, OPENEDEN TBI or SPIKO?
+
SPIKO is larger at $2.46B in circulating supply, against $253.16M for the other. Over the last 7 days supply moved −0.85% for OPENEDEN TBI and +3.06% for SPIKO.
Are OPENEDEN TBI and SPIKO trading at $1.00 right now?
+
OPENEDEN TBI trades at $1.0000 (0.000% off peg) and SPIKO at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has OPENEDEN TBI or SPIKO ever depegged?
+
OPENEDEN TBI: no material depeg recorded in our incident set. SPIKO: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, OPENEDEN TBI or SPIKO?
+
For block size the constraint is exit liquidity and primary redemption, not headline supply. OPENEDEN TBI shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — OPENEDEN TBI: gated; SPIKO: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on OPENEDEN TBI or SPIKO?
+
Neither OPENEDEN TBI nor SPIKO currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both OPENEDEN TBI and SPIKO?
+
Both are deployed on 2 shared networks, including Ethereum, Arbitrum. OPENEDEN TBI spans 5 chains in total and SPIKO spans 7. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from OPENEDEN TBI to SPIKO?
+
Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($0.00 for OPENEDEN TBI, $0.00 for SPIKO). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is OPENEDEN TBI or SPIKO regulated?
+
OPENEDEN TBI is issued from Not documented with monthly; SPIKO is issued from Not documented with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.