- Amundi launches a tokenized share class of its AMUNDI FUNDS CASH EUR money market fund on Ethereum.
- The project is built with CACEIS, which provides the blockchain, wallet and transfer agent infrastructure.
- Investors can access the fund via both traditional channels and on-chain tokens in a hybrid distribution model.
- The move fits into a broader boom in tokenized real‑world assets and growing institutional use of public blockchains.
The European asset manager Amundi is rolling out its first tokenized share class for a money market fund on the public Ethereum network, blending traditional fund infrastructure with on‑chain technology. The initiative centers on AMUNDI FUNDS CASH EUR and is designed so that investors can hold units either through conventional channels or as digital tokens recorded on a blockchain ledger.
Rather than reinventing the underlying product, the project keeps the fund’s existing legal structure and conservative profile intact while modernizing how ownership and transactions are recorded and processed. In practice, that means the same familiar euro money market strategy, but with a new, blockchain‑powered rail for subscriptions, redemptions and record‑keeping.
How Amundi’s first Ethereum tokenized fund share class works
The newly introduced share class, known as “Amundi Funds Cash EUR J28 EUR DLT”, is issued directly on the Ethereum public blockchain. Each token corresponds to a unit in the AMUNDI FUNDS CASH EUR money market fund, with the distributed ledger acting as the transparent register for fund holdings and transfers.
By using Ethereum as the settlement layer, every subscription, redemption and transfer of units can be traced on‑chain, while the legal and regulatory framework of the existing UCITS‑style fund remains unchanged. That on‑chain record gives an auditable trail of activity without forcing investors or regulators to adapt to a completely new type of product.
From a distribution perspective, the product follows a hybrid model that combines off‑chain and on‑chain access. The traditional share classes of AMUNDI FUNDS CASH EUR continue to be available through banks, platforms and conventional intermediaries, while the tokenized J28 EUR DLT class offers an additional, digital route that can plug into crypto‑friendly platforms and infrastructure.
The project’s first operational step on the blockchain took place on 4 November 2025, when the inaugural transaction for the tokenized share class was settled on Ethereum. That event marked the official start of on‑chain activity for one of Europe’s largest asset managers in the money market segment.
While the operational details remain under institutional control, Ethereum’s public nature enables real‑time monitoring of token movements at the blockchain level. Market participants can observe flows of the tokenized share class on‑chain, even if the ultimate investor identities remain shielded by existing regulatory and privacy frameworks.
CACEIS as the infrastructure backbone for tokenization
To make the model work in practice, Amundi is collaborating closely with CACEIS, a major European asset servicing group and transfer agent. CACEIS supplies the core technical framework that links conventional fund operations with on‑chain activity.
In concrete terms, CACEIS provides digital wallets for investors and the blockchain‑enabled transfer agent service that receives, processes and records subscription and redemption orders. Orders initiated through the tokenized channel are reconciled with the fund’s traditional systems, ensuring that the token supply matches the fund’s actual capital and underlying assets.
Jean‑Pierre Michalowski, CEO of CACEIS, frames the initiative as part of a longer‑term evolution of fund administration. From his perspective, the “hybrid transfer agent” model opens a new distribution rail where shares of investment funds can be bought and sold continuously, and eventually paid for using stablecoins or central bank digital currencies (CBDCs) when those become widely available.
The operational ambition is that investors could subscribe or redeem units on a 24/7 basis, outside the usual cut‑off times of traditional fund platforms. Blockchain settlement and token issuance are seen as tools to shorten settlement cycles and reduce manual reconciliation work between custodians, distributors and fund administrators.
At the same time, the setup is designed so that existing institutional workflows—such as custodial oversight, compliance checks and regulatory reporting—are maintained. Tokenization, in this case, is used as a new layer on top of established controls rather than as a way to bypass them.
A hybrid fund structure: traditional portfolio, digital rails
From an investment standpoint, AMUNDI FUNDS CASH EUR continues to operate as a euro‑denominated money market fund. The portfolio remains focused on short‑term sovereign debt, high‑quality money market instruments and overnight repurchase agreements in euros, catering to investors seeking liquidity and capital preservation.
The introduction of tokenized units therefore does not change the fund’s risk profile or asset mix. What changes is how ownership claims are represented and transferred, shifting part of the operational layer from internal databases to a shared blockchain ledger.
For investors accustomed to traditional fund structures, this means the tokenized class offers an additional, but not mandatory, way to hold exposure. They can still access the same strategy via conventional channels, while digitally native investors or platforms can opt for the on‑chain representation that plugs into wallets and blockchain‑based services.
Because the fund maintains its conservative mandate, some observers see this setup as a relatively low‑risk entry point into the world of tokenized finance for institutions. The underlying assets are familiar and tightly regulated; the novelty lies in the technological layer used for record‑keeping and transaction processing.
That positioning is consistent with Amundi’s broader messaging: tokenization is presented as a tool to upgrade infrastructure and accessibility, rather than as a way to chase speculative returns or untested financial structures.
Strategic vision: tokenization as a long‑term transformation
On the strategic side, senior executives at Amundi describe this launch as the first concrete use case in a larger tokenization roadmap. Jean‑Jacques Barbéris, who oversees institutional and corporate clients as well as ESG, has argued that the tokenization of assets is likely to accelerate worldwide over the coming years.
According to this view, starting with a money market fund allows Amundi to test its operational framework in a relatively contained environment, while still addressing a segment with significant volumes and demand from institutional investors. Lessons learned from this initial deployment can then be applied to other asset classes.
Barbéris has highlighted that the objective is to extend tokenization initiatives to benefit clients both in France and internationally, while maintaining robust security standards. The focus is on building a methodology that can handle concrete, real‑world scenarios, not just small pilot projects disconnected from day‑to‑day operations.
For Amundi, which manages around €2.3 trillion (roughly $2.6 trillion) in assets and serves more than 100 million retail investors globally, even a partial move toward blockchain‑enabled distribution could ultimately affect a large portion of its product lineup. The current project is therefore watched closely as a template for potential future launches.
Internally, tokenization is also seen as a way to reach a broader and younger investor base that is comfortable interacting with digital wallets, on‑chain applications and 24/7 markets. At the same time, the hybrid model is meant to ensure that existing clients are not forced into unfamiliar channels before they are ready.
Why Ethereum was chosen as the base layer
The decision to use Ethereum as the network for the tokenized share class aligns with a broader institutional shift toward this blockchain for real‑world asset (RWA) issuance. Ethereum has become a dominant platform in this niche, with tokenized assets on the network reaching a market capitalization in the low tens of billions of dollars, according to various industry trackers.
Large financial institutions and analysts have increasingly pointed to Ethereum’s long operational history, security track record and extensive ecosystem as key reasons to prioritize it over newer, faster or cheaper alternatives. One major global bank has argued that incremental speed or cost advantages from rival chains may be less important than proven reliability for institutional‑grade products.
In the competitive landscape of tokenization platforms, Ethereum currently outpaces networks such as BNB Chain or Solana in total value of tokenized real‑world assets. This concentration of liquidity and infrastructure tends to reinforce itself, as new issuers often prefer the network where counterparties, custodians and service providers are already present.
For Amundi and CACEIS, building on Ethereum also means they can plug into an existing universe of wallets, custodial solutions and compliance tools that have been tested by other large issuers. The choice reduces the need to develop proprietary infrastructure from scratch and can accelerate time‑to‑market for additional tokenized products.
At the same time, using a public blockchain introduces a layer of transparency and interoperability that private ledgers struggle to match. On‑chain data can be independently verified and integrated with third‑party analytics, risk management tools and DeFi‑adjacent applications, provided the issuer’s policy allows such integrations.
Amundi’s move in the wider tokenized RWA boom
The launch of Amundi’s tokenized money market share class comes at a time when the broader market for tokenized real‑world assets is expanding rapidly. Over the course of 2025, estimates suggest that the aggregate value of tokenized RWAs climbed from around $15.2 billion at the start of the year to about $37.1 billion by late November.
Within this segment, different blockchains compete for dominance. One network often cited for its RWA activity, Provenance, has amassed roughly $13.9 billion in tokenized value, largely driven by issuance from Figure Technologies, a company specializing in home‑equity and credit products that has made headlines with its public listing on Nasdaq.
Ethereum holds a strong second place in terms of RWA tokenization, with a market value of approximately $12.4 billion tied to assets such as funds, bonds and other financial instruments. Additional networks like ZKsync, BNB Chain and Polygon host smaller, but growing, tokenization projects as institutions and fintech platforms experiment with different technical stacks.
This trend is part of a wider convergence between regulated finance and blockchain‑based infrastructures. Banks, asset managers and other established institutions are increasingly willing to use public blockchains as backbones for mainstream financial products, provided regulatory clarity and operational controls are in place.
Against this backdrop, Amundi’s entrance into tokenized money market funds adds further weight to the perception that tokenization is moving beyond pilot phases and into everyday fund management. When a large, conservative player adopts on‑chain rails for a low‑risk product, it signals to peers that the technology is mature enough for serious consideration.
Money market funds: from niche experiments to sizable on‑chain segment
The focus on a money market fund also reflects a pattern observed across the industry: tokenized cash and cash‑equivalent products are gaining traction as one of the earliest and most natural fits for blockchain‑based distribution.
In parallel to Amundi’s initiative, other major asset managers have launched blockchain‑native money market or treasury funds that invest primarily in short‑term U.S. government debt. A BlackRock on‑chain money market vehicle has surpassed roughly $2.3 billion in digital assets under management, while a comparable Franklin Templeton product has grown beyond $826 million.
According to data highlighted in a recent bulletin from the Bank for International Settlements, the total value locked in tokenized money market funds has increased sharply over the last two years. From a base of around $770 million at the end of 2023, the segment has almost reached $9 billion by October 2025, indicating sustained demand from investors looking for blockchain‑accessible, low‑volatility instruments.
These developments suggest that money market strategies are emerging as a key bridge between traditional capital markets and digital asset ecosystems. They provide a way for investors to keep liquidity on‑chain while still being exposed to regulated, high‑quality underlying instruments.
Amundi’s decision to use its established euro money market fund as the vehicle for its first tokenized share class therefore fits a pattern: start with relatively simple, well‑understood products that can demonstrate operational benefits without fundamentally altering risk exposures for end investors.
Opportunities and open questions in institutional tokenization
From a market‑structure perspective, initiatives like Amundi’s raise expectations about how funds might be distributed and traded in the coming years. If on‑chain share classes gain scale, they could reduce friction across borders, automate parts of the transfer agency process and simplify how different intermediaries reconcile positions.
At the same time, supervisors and policy makers are carefully scrutinizing the rapid rise of tokenized funds. Institutions such as the BIS have noted that while the technology promises efficiency gains, it also introduces new dependencies on blockchain infrastructure, smart contracts and third‑party service providers.
Questions remain about how liquidity would behave under stress in on‑chain share classes, particularly if investors come to expect round‑the‑clock access to redemptions. Operational risk, cybersecurity and governance of the smart contract layer are also key topics regulators and industry bodies continue to evaluate.
In Europe, growing clarity around digital asset regulation is helping to shape an environment in which experiments like Amundi’s can be conducted within a defined legal perimeter. The challenge for issuers is to balance innovation with prudence, ensuring that tokenized structures respect the same investor‑protection standards as their traditional counterparts.
For now, Amundi’s approach—keeping the portfolio and legal framework stable while innovating on the distribution and settlement rails—illustrates one way to introduce blockchain technology in an incremental, controlled manner. Other managers watching the project may choose a similar path, starting with hybrid models before moving to more ambitious token‑native products.
Amundi’s decision to launch a tokenized share class of its AMUNDI FUNDS CASH EUR money market fund on Ethereum, in partnership with CACEIS, highlights how a large European asset manager is cautiously folding public blockchain technology into its mainstream operations. By retaining the fund’s conservative structure, offering both traditional and on‑chain access and leveraging Ethereum’s established infrastructure, the firm is testing a model that could, if it scales, reshape how regulated funds are distributed, settled and recorded across global markets.
