Amundi, the largest asset manager in Europe, has officially launched its first tokenized share class of a money-market fund on the Ethereum blockchain. This move represents a significant step in the integration of traditional finance with blockchain technology, signaling a shift towards tokenization as a major development in global markets. The initiative aims to provide investors with round-the-clock fund access, instant settlement capabilities, and a new investment infrastructure designed for the digital age.
The newly launched product, named Amundi Funds Cash EUR – J28 EUR DLT, operates on a public blockchain rather than traditional closed financial registries. The core objective is to enhance the transparency of fund ownership, simplify transfer processes, and broaden accessibility through digital channels. This approach is not intended to immediately replace existing financial systems but rather to create a hybrid model. Under this model, traditional investors can continue to utilize their established channels, while new investors gain access via blockchain-based infrastructure.
Collaboration With CACEIS Enhances Functionality
Amundi's initiative was supported by CACEIS, which provided the essential infrastructure for this tokenization effort. CACEIS supplied blockchain-enabled transfer-agent capabilities, digital wallets for investors, and a 24/7 order engine for managing share subscriptions and redemptions. This collaboration enables activities that typically cease after business hours to operate continuously. Subscriptions, redemptions, and record-keeping are no longer bound by banking hours, allowing for instant order execution and a transparent on-chain audit trail.
Jean-Pierre Michalowski, CEO of CACEIS, highlighted the significance of this development, stating that it marks the initial phase towards a future where fund transactions will occur around the clock and potentially settle using stablecoins or future central bank digital currencies.
Strategic Importance of Tokenization for Amundi
For Amundi, this tokenization effort is viewed as a foundational step in a transformation expected to accelerate in the coming years. Jean-Jacques Barberis has described tokenization as a key driver of future change within the industry. The advantages of blockchain technology in this context are multifaceted:
- •Blockchain ensures transparency in record-keeping.
- •Settlement processes are expedited.
- •Operational continuity is extended to a 24/7 model.
- •Access is broadened to new investor segments and markets.
The ability for money-market funds to facilitate instant subscriptions and redemptions offers a significant advantage, reducing processing times, mitigating operational risks, and paving the way for fully digital distribution strategies.
The Growing Trend of Real-World Asset Tokenization
Amundi's move aligns with a broader trend of rapid growth in real-world asset (RWA) tokenization throughout 2025. The market capitalization in this sector has seen substantial growth, increasing from $15.2 billion at the beginning of the year to $37.1 billion by late November, indicating widespread adoption rather than speculative hype.
The Provenance blockchain currently leads in RWA tokenization, holding nearly $13.9 billion in tokenized assets, largely due to significant issuance from Figure Technologies. Ethereum follows with $12.4 billion in tokenized assets, with additional activity also being observed on ZKsync, BNB Chain, Polygon, and other smaller networks.
Amundi's entry into this space signifies that major financial institutions now perceive tokenization as a critical infrastructure component for future growth, rather than a theoretical concept. Tokenized funds are expected to move beyond niche applications as more asset managers adopt hybrid models, leading to the dissolution of traditional boundaries in fund distribution. Investors are increasingly anticipating faster transactions, enhanced transparency, and continuous access to their investments.
Amundi's pioneering work with Ethereum is poised to influence the wider financial industry. Tokenization is transitioning from a buzzword to an established tool in global finance, and this launch clearly illustrates the direction of this evolution. The coming years are anticipated to bring significant changes to how funds are created, managed, and accessed, with this development serving as a crucial starting point.