Asset manager Amundi has executed its first blockchain-based fund transaction. The company launched a tokenized share class of its AMUNDI FUNDS CASH EUR money market fund on November 4, with the fund now available through both traditional channels and the public Ethereum blockchain.
The hybrid distribution model represents a concrete step beyond pilot projects and proof-of-concepts, positioning Amundi among a growing cohort of global asset managers bringing money market products on-chain. With more than €2 trillion under management, the French firm's move signals accelerating institutional adoption of tokenized financial products across Europe.
The new share class - AMUNDI FUNDS CASH EUR J28 EUR DLT - uses distributed ledger technology to record ownership and process subscriptions and redemptions, with transactions verified on Ethereum's public blockchain. The infrastructure enables instant order execution and 24/7 operability, addressing longstanding friction points in traditional fund distribution.
What Happened
Amundi partnered with CACEIS, Crédit Agricole's asset servicing arm, to provide the technology infrastructure powering the tokenization. CACEIS supplies digital wallets for investors, tokenization rails for fund units, and the digital order platform for subscriptions and redemptions. The partnership builds on CACEIS' existing digital asset custody architecture, which has over €8 trillion in assets under custody and administration.
The hybrid model allows traditional investors to access the fund through conventional channels while offering blockchain-native distribution for digital-first investors. CACEIS received a digital asset custody license from French regulator AFME in 2023 and plans to expand it to a Digital Asset Service Provider license under the Markets in Crypto-Assets regulation.
"The tokenization of assets is a transformation set to accelerate in the coming years around the world," said Jean-Jacques Barbéris, Head of Institutional and Corporate Clients and ESG at Amundi. "This first initiative on a money market fund demonstrates our expertise and the robustness of our methodology in covering concrete use cases."
Jean-Pierre Michalowski, CEO at CACEIS, emphasized the strategic vision behind the infrastructure: "With the new hybrid transfer agent service, our clients can quickly and easily benefit from a new distribution channel via blockchain to their investors. This is a decisive step towards achieving our goal of offering 24/7 subscription and redemption services for fund units payable in stablecoins or central bank digital currency when it becomes available."
Also read: Vitalik Buterin Donates $760K in Ethereum to Privacy Messaging Apps Session and SimpleX
Why It Matters
Amundi's tokenization launch arrives during a broader institutional push into blockchain-based fund products. The tokenized money market fund sector has surged from approximately $770 million at the end of 2023 to nearly $9 billion as of late November 2025, according to Bank for International Settlements data. Tokenized treasury and money-market fund assets reached $7.4 billion in 2025, marking an 80 percent increase year-to-date.
Franklin Templeton recently expanded its Benji tokenized-fund platform to the Canton Network, enabling banks and trading firms to hold and transact tokenized money market funds in a private, regulated environment. The firm's Franklin OnChain U.S. Government Money Fund has pushed assets beyond $580 million across multiple blockchain networks including Stellar, Polygon, Ethereum and Solana.
UBS Asset Management completed the first in-production tokenized fund transaction using Chainlink's Digital Transfer Agent standard, executing a live subscription into its uMINT money market fund built on Ethereum and Polygon. The transaction demonstrated institutional-grade liquidity solutions through blockchain infrastructure.
Meanwhile, BNY and Goldman Sachs launched a collaborative initiative in July 2025 enabling subscription for shares of money market funds via BNY's LiquidityDirect and Digital Asset platforms, with corresponding value represented through mirrored record tokenization utilizing Goldman's GS DAP technology. BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management participated in the initiative.
BlackRock's USD Institutional Digital Liquidity Fund currently dominates the on-chain money market landscape with more than $2.5 billion in tokenized assets. The firm expanded BUIDL to Aptos, Arbitrum, Avalanche, Optimism and Polygon, broadening beyond Ethereum. Fidelity Investments rolled out its tokenized money market fund on Ethereum in September with Ondo Finance holding $202 million in the offering.
The tokenization wave extends beyond money market funds. Amundi is preparing to introduce Bitcoin exchange-traded notes in early 2026, according to industry reporting. The ETNs would place the firm alongside U.S. ETF heavyweights, offering regulated digital asset exposure in Europe following years of cautious observation. BlackRock's iShares Bitcoin Trust holds approximately 800,000 BTC, roughly 3.8 percent of total supply, demonstrating institutional appetite that Amundi's ETNs may replicate regionally.
Final Thoughts
These developments signal a fundamental shift in how major asset managers approach fund distribution and liquidity management. Tokenization is advancing from pilots and proofs-of-concept into live production, particularly across money market and short-duration products. With over $10 trillion in global money market funds and accelerating institutional interest, the race to bring these assets on-chain is intensifying.
The hybrid model pioneered by Amundi and CACEIS addresses a critical challenge: enabling blockchain-based distribution without forcing a complete overhaul of existing institutional systems. By maintaining traditional transfer agent services alongside tokenized units recorded on public blockchains, the approach accommodates both conventional investors and digital-native participants.
Future developments may permit investors to pay for subscriptions and receive redemption proceeds directly on blockchain with the integration of stablecoins, tokenized deposits and, over a longer horizon, central bank digital currencies. The infrastructure for 24/7 subscription and redemption services represents a departure from traditional market hours and settlement cycles, potentially reshaping operational models across the asset management industry.
Amundi will continue and expand its tokenization initiatives to benefit clients in France and internationally, according to the firm. The launch demonstrates expertise in covering concrete use cases while establishing a foundation for broader adoption of blockchain-based fund distribution across Europe's largest asset manager.
Read next: Ethereum Block Gas Limit Hits 60M in Major Capacity Expansion Days Before Fusaka Upgrade