Full Breakdown
Amundi Launches First Tokenized Money Market Fund on Ethereum
11/29/2025, 12:26:08 PM
Overview of the Launch
Amundi, Europe’s largest asset manager with approximately €2.3 trillion ($2.6 trillion) in assets under management, has launched its first tokenized share class of the AMUNDI FUNDS CASH EUR money market fund. This initiative, developed in partnership with CACEIS, marks a significant step in integrating blockchain technology into traditional finance. The inaugural transaction occurred on November 4, 2025, utilizing the Ethereum blockchain to facilitate transparent record-keeping and traceable transactions.
Key Features of the Tokenized Fund
The AMUNDI FUNDS CASH EUR fund, valued at over €5 billion ($6 billion), is now available in a hybrid format, allowing investors to access it through both traditional channels and the new blockchain-based tokenized share class, AMUNDI FUNDS CASH EUR – J28 EUR DLT (C). This dual approach aims to enhance operational efficiency, providing benefits such as instant order execution, expanded access to younger investors, and 24/7 trading capabilities. Jean-Jacques Barbéris, Head of Institutional and Corporate Clients at Amundi, emphasized that this tokenization reflects the firm’s commitment to modernizing fund management and adapting to evolving investor preferences.
Technological Infrastructure and Collaboration
CACEIS, a subsidiary of Crédit Agricole, plays a crucial role in this initiative by providing the necessary infrastructure for tokenization, including digital wallet management and a blockchain-compatible platform for processing subscriptions and redemptions. The collaboration aims to streamline order processing and improve the overall investor experience. Jean-Pierre Michalowski, CEO of CACEIS, noted that the hybrid transfer agent service would enable clients to benefit from a new distribution channel via blockchain, facilitating 24/7 subscription and redemption services.
Market Context and Competitive Landscape
Amundi's entry into the tokenized fund market aligns with a broader trend of increasing adoption of blockchain technology in finance. The total value locked in tokenized money market funds surged from approximately $770 million at the end of 2023 to nearly $9 billion by October 2025. Major players like BlackRock and Franklin Templeton have also launched tokenized funds, intensifying competition in this space. BlackRock’s BUIDL fund currently manages around $2.3 billion in digital assets, while Franklin Templeton’s equivalent fund has surpassed $826 million.
Criticism and Concerns
Despite the promising outlook for tokenized funds, some experts have raised concerns regarding potential risks associated with their use as collateral. A recent bulletin from the Bank for International Settlements warned that tokenized Treasury portfolios could introduce operational and liquidity vulnerabilities into the financial system. This caution underscores the need for careful regulatory oversight as the market for real-world asset tokenization continues to expand.
Conclusion and Future Implications
Amundi's launch of the AMUNDI FUNDS CASH EUR tokenized share class represents a significant milestone in the integration of blockchain technology within traditional finance. As the demand for tokenized assets grows, Amundi plans to continue expanding its tokenization initiatives, aiming to enhance accessibility and operational efficiency for investors. This move not only positions Amundi at the forefront of the evolving financial landscape but also signals a broader shift towards the adoption of blockchain solutions in institutional finance.
Verbatim Quotes
- “The tokenization of assets is a transformation set to accelerate in the coming years around the world.” — Jean-Jacques Barbéris, Head of Institutional and Corporate Clients, Amundi
- “Jean-Pierre Michalowski, Chief Executive Officer at CACEIS, said: "With the new hybrid Transfer Agent service, our clients can quickly and easily benefit from a new distribution channel via blockchain to their investors.” — Jean-Pierre Michalowski, CEO, CACEIS
