Amundi's Tokenized Fund Innovation
Amundi has issued its first tokenized share class of a money-market fund, recording it on Ethereum as part of a hybrid distribution model built with CACEIS. The product, labeled Amundi Funds Cash EUR – J28 EUR DLT, is the firm’s first step toward offering regulated fund units on public blockchains while keeping traditional channels in place. The share class mirrors the structure of the fund’s existing offering, but investor units are now also represented as blockchain tokens. These units are held in digital wallets provided through CACEIS’ infrastructure, which includes a blockchain-based transfer agent system and a round-the-clock digital order platform. Subscriptions and redemptions are processed directly through the platform while remaining compatible with the standard fund administration model. The Paris-based asset manager, which oversees about $2.3 trillion, described the project as part of its long-term digital strategy. The tokenized share class remains accessible through regular distribution networks, with Ethereum adding a second channel for settlement and record-keeping.
Investor Takeaway
Rationale Behind Ethereum Integration
Ethereum acts as the public ledger holding the new share class. Amundi cited transparent record-keeping and full transaction traceability as advantages. For large asset managers, using a public chain allows auditors, custodians and transfer agents to view transactions without bespoke integrations or closed systems. CACEIS, one of Europe’s largest asset-servicing firms, supplied the technical stack. The setup includes wallet management for investors, blockchain-native order processing and an interface that links Ethereum records to fund administration databases. CACEIS CEO Jean-Pierre Michalowski said the rollout moves the firm toward “our goal of offering 24/7 subscription and redemption services for investment fund units payable in stablecoins (EMT) or central bank digital currency when it becomes available.” The comments highlight how tokenized funds may eventually combine with stablecoin-based settlement or future CBDC rails, removing cut-off times and batch processing from fund operations.
Maintaining Traditional Fund Structure
Amundi stressed that the tokenized share class adds a distribution route but does not alter how the underlying money-market fund operates. Investors can still subscribe through regular channels. Asset servicing, compliance and settlement remain within the existing legal framework, with Ethereum acting as a parallel ledger. Jean-Jacques Barberis, Head of Institutional and Corporate Clients and ESG at Amundi, said tokenization is a “transformation set to accelerate in the coming years around the world,” noting that Amundi will expand similar initiatives in France and internationally. The hybrid model is becoming the preferred path for regulated firms. It avoids the legal complexity associated with fully on-chain fund structures while giving institutions a way to adopt blockchain-based record-keeping.
Investor Takeaway
Amundi's Contribution to RWA Tokenization Growth
Amundi’s launch comes during a major expansion phase for real-world asset (RWA) tokenization. The sector’s market cap has grown from $15.2 billion at the start of 2025 to $37.1 billion as of Nov. 27, according to The Block’s dashboard. Issuance is spreading across public chains and permissioned networks, driven by asset managers, fintech firms and lenders. The Provenance blockchain currently leads with $13.9 billion in tokenized assets, supported by issuance from Figure Technologies, which went public on Nasdaq in September. Ethereum ranks second at $12.4 billion, followed by smaller activity on ZKsync, BNB Chain, Polygon and others. Tokenized money-market funds, short-term bonds, treasuries and credit products have seen steady inflows from corporate treasurers and fintech platforms looking for faster settlement and lower operational friction. With Amundi now joining the sector, more European asset managers are expected to introduce blockchain-recorded share classes over the next year. The model offers a predictable regulatory path: keep the fund conventional, but tokenize the record of ownership. This is the approach that has gained most traction among large institutions, and Amundi’s involvement adds further weight to that trend.