Amundi, Europe’s largest asset manager with roughly €2.3 trillion in assets under management, has launched the first tokenized share class of a euro-denominated money market fund. This makes the product available both through traditional channels and as an on-chain token on the Ethereum network. The move, completed in partnership with CACEIS, represents a key milestone in mainstream financial institutions bringing regulated short-term cash products on-chain.
The tokenized share, created from the AMUNDI FUNDS CASH EUR money market fund, was executed in its inaugural on-chain transaction on November 4, 2025. Amundi describes the product as a “hybrid” offering. Investors can continue to access the fund through established fund distribution mechanisms. They may also subscribe, redeem, and transfer a tokenized share that lives on the public Ethereum ledger. According to Amundi, tokenization streamlines order processing and shortens settlement friction. Furthermore, it expands potential investor access by enabling near-continuous market hours.
CACEIS, the securities services arm of Crédit Agricole, provided the tokenization infrastructure and operational integration. This underscores the emphasis on combining regulated custody, fund administration, and blockchain settlement in a compliant wrapper. Amundi and CACEIS say the architecture preserves the legal and regulatory framework of the underlying UCITS money market vehicle. Meanwhile, ownership is represented via an on-chain token. This approach is viewed by many in the industry as a practical model for mainstream fund tokenization.
Industry observers see Amundi’s launch as validation that tokenization is moving beyond proofs of concept to production deployments at scale. Money market funds are prized for liquidity and capital preservation. Thus, they are seen as natural early candidates for tokenization because of their standardized cash-like characteristics and heavy use in institutional cash management. Analysts expect other large asset managers and custodians to accelerate similar pilots and hybrid products. Specifically, this will happen if investor uptake proves sustainable.
Practical benefits touted by the project include faster processing of subscription/redemption flows. It also allows the possibility of 24/7 transferability of the tokenized share. Additionally, there is improved operational efficiency by reducing intermediate reconciliation steps. That said, market participants caution that widespread adoption will depend on regulatory clarity, interoperability between institutional systems and public networks. Furthermore, robust custody solutions for tokenized fund shares are necessary.
FAQs
Q: What exactly did Amundi tokenize?
A: Amundi created a tokenized share class of its AMUNDI FUNDS CASH EUR money market fund. This allows that share class to be issued and transferred on the Ethereum blockchain while the underlying fund remains a regulated money market vehicle.
Q: When was the first on-chain trade executed?
A: The first recorded on-chain transaction for the tokenized share took place on November 4, 2025.
Q: Who built the tokenization and custody infrastructure?
A: Amundi partnered with CACEIS to provide the technology and operational integration required to issue and service the tokenized share.
Q: Does this change Amundi’s regulatory status or the fund’s protections?
A: The fund remains a regulated money market product; tokenization is a distribution and settlement method. Amundi and CACEIS state that legal and regulatory protections tied to the underlying UCITS-style fund are preserved.
