R25 vs SPIKO
R25 and Spiko, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and R25/SPIKO spread
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R25 issues dollar-denominated tokenized real-world assets across 1 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 | 62 | 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 | $131.37M | $2.46B | SPIKO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 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 62), driven mainly by collateral quality and disclosure. R25 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: R25 or SPIKO?
Capital preservation over everything else.
For park cash safely, SPIKO is the better fit over R25.
- Safety score 66 vs 62, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for R25.
- 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
R25
- Issuer and banking risk: reserves sit with R25 under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 100% of supply sits on Pharos.
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 | R25 | SPIKO |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | R25 | 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 | $131.37M | $2.46B |
| 7d supply change | +0.17% | +3.06% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 1 | 7 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (R25 vs SPIKO)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- R25 0.000% · SPIKO 0.000%
- Yield spread
- +0.00%
- R25 — · SPIKO —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between R25 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
R25 is live on 1 chains, SPIKO on 7. 0 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | R25 | SPIKO | Both available |
|---|---|---|---|
| — | $1.52B | SPIKO only | |
| — | $470.95M | SPIKO only | |
| — | $215.34M | SPIKO only | |
| — | $172.18M | SPIKO only | |
| $131.37M | — | R25 only | |
| — | $39.63M | SPIKO only | |
| — | $33.82M | SPIKO only | |
| — | $4.91M | SPIKO only |
R25 vs SPIKO: frequently asked questions
Is R25 or SPIKO safer?
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On our composite safety score SPIKO rates 66/100 versus 62/100 for R25. 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 R25 and SPIKO?
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R25 is issued by R25 (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 R25 and "monthly" for SPIKO.
Which has the bigger market cap, R25 or SPIKO?
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SPIKO is larger at $2.46B in circulating supply, against $131.37M for the other. Over the last 7 days supply moved +0.17% for R25 and +3.06% for SPIKO.
Are R25 and SPIKO trading at $1.00 right now?
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R25 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 R25 or SPIKO ever depegged?
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R25: 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, R25 or SPIKO?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. R25 shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — R25: gated; SPIKO: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on R25 or SPIKO?
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Neither R25 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 R25 and SPIKO?
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They currently share no common network in our data: R25 is deployed on 1 chain(s) and SPIKO on 7. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from R25 to SPIKO?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($0.00 for R25, $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 R25 or SPIKO regulated?
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R25 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.