Amundi, Europe's leading asset manager with over €2.3 trillion in assets under management, has announced the launch of its first tokenized share of the AMUNDI FUNDS CASH EUR money market fund. The first transaction occurred on November 4th, marking a significant step for a major European institution into on-chain fund issuance.
The fund is now distributed in a hybrid manner, accessible both through traditional channels and via the tokenized share AMUNDI FUNDS CASH EUR - J28 EUR DLT (C). This new share class utilizes distributed ledger technology and the public Ethereum blockchain to ensure transparent record-keeping of fund units and traceability of transactions.
Amundi developed this initiative in partnership with CACEIS, Crédit Agricole's asset-servicing arm. CACEIS provided the technology and infrastructure for tokenizing fund units, including digital portfolios for investors and a digital order platform for subscriptions and redemptions. This collaboration highlights the growing convergence of traditional finance and decentralized finance.
The use of blockchain technology brings several benefits for investors and fund unit distributors. These benefits include instant order execution, expanded distribution to new generations of investors, and 24/7 operability. The tokenized fund holds short-term, high-quality euro-denominated debt, primarily comprising money-market instruments and overnight repurchase agreements with European sovereigns.
Jean-Jacques Barbéris, Head of Institutional and Corporate Clients, and ESG at Amundi, stated that "The tokenization of assets is a transformation set to accelerate in the coming years around the world". He further emphasized that this initiative demonstrates Amundi's expertise and the robustness of its methodology in covering concrete use cases, and that Amundi will continue to expand its tokenization initiatives to benefit its clients in France and internationally.
Jean-Pierre Michalowski, Chief Executive Officer at CACEIS, added that the new hybrid Transfer Agent service allows clients to quickly and easily benefit from a new distribution channel via blockchain to their investors. He sees this as a decisive step towards offering 24/7 subscription and redemption services for investment fund units payable in stable coins or central bank digital currency when it becomes available.
Amundi's move follows plans to introduce Bitcoin ETNs in early 2026. This move signals Amundi's intent to compete directly in the rapidly institutionalizing crypto-investment landscape. The company is closely interested not only in existing crypto assets but also in the tokenization of real-world assets (RWA). Amundi's vision highlights that transparency, efficiency, and liquidity can be achieved by representing assets such as tokenized bonds, fund shares, and money market instruments on the blockchain.
This launch positions Amundi alongside other financial giants like BlackRock and Franklin Templeton, who are also expanding their tokenized-fund platforms. BlackRock's onchain money market product currently holds $2.3 billion in tokenized assets, while Franklin Templeton's money market fund has more than $826 million in assets.
The Bank for International Settlements (BIS) reported that tokenized money market funds had climbed to $9 billion in value by the end of October. This trend indicates a broader wave of fund-tokenization efforts among global financial giants, signaling broader TradFi adoption.
