Asset supervisor Amundi has executed its first blockchain-based fund transaction. The corporate launched a tokenized share class of its AMUNDI FUNDS CASH EUR cash market fund on November 4, with the fund now accessible by way of each conventional channels and the general public Ethereum blockchain.
The hybrid distribution mannequin represents a concrete step past pilot initiatives and proof-of-concepts, positioning Amundi amongst a rising cohort of worldwide asset managers bringing cash market merchandise on-chain. With greater than €2 trillion beneath administration, the French agency’s transfer alerts accelerating institutional adoption of tokenized monetary merchandise throughout Europe.
The brand new share class – AMUNDI FUNDS CASH EUR J28 EUR DLT – makes use of distributed ledger know-how to report possession and course of subscriptions and redemptions, with transactions verified on Ethereum’s public blockchain. The infrastructure allows immediate order execution and 24/7 operability, addressing longstanding friction factors in conventional fund distribution.
What Occurred
Amundi partnered with CACEIS, Crédit Agricole’s asset servicing arm, to supply the know-how infrastructure powering the tokenization. CACEIS provides digital wallets for buyers, tokenization rails for fund items, and the digital order platform for subscriptions and redemptions. The partnership builds on CACEIS’ current digital asset custody structure, which has over €8 trillion in belongings beneath custody and administration.
The hybrid mannequin permits conventional buyers to entry the fund by way of standard channels whereas providing blockchain-native distribution for digital-first buyers. CACEIS obtained a digital asset custody license from French regulator AFME in 2023 and plans to develop it to a Digital Asset Service Supplier license beneath the Markets in Crypto-Belongings regulation.
“The tokenization of belongings is a metamorphosis set to speed up within the coming years world wide,” mentioned Jean-Jacques Barbéris, Head of Institutional and Company Shoppers and ESG at Amundi. “This primary initiative on a cash market fund demonstrates our experience and the robustness of our methodology in overlaying concrete use instances.”
Jean-Pierre Michalowski, CEO at CACEIS, emphasised the strategic imaginative and prescient behind the infrastructure: “With the brand new hybrid switch agent service, our purchasers can shortly and simply profit from a brand new distribution channel by way of blockchain to their buyers. It is a decisive step in the direction of reaching our objective of providing 24/7 subscription and redemption companies for fund items payable in stablecoins or central financial institution digital forex when it turns into accessible.”
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Why It Issues
Amundi’s tokenization launch arrives throughout a broader institutional push into blockchain-based fund merchandise. The tokenized cash market fund sector has surged from roughly $770 million on the finish of 2023 to almost $9 billion as of late November 2025, in keeping with Financial institution for Worldwide Settlements knowledge. Tokenized treasury and money-market fund belongings reached $7.4 billion in 2025, marking an 80 p.c enhance year-to-date.
Franklin Templeton not too long ago expanded its Benji tokenized-fund platform to the Canton Community, enabling banks and buying and selling corporations to carry and transact tokenized cash market funds in a non-public, regulated setting. The agency’s Franklin OnChain U.S. Authorities Money Fund has pushed belongings past $580 million throughout a number of blockchain networks together with Stellar, Polygon, Ethereum and Solana.
UBS Asset Administration accomplished the primary in-production tokenized fund transaction utilizing Chainlink’s Digital Switch Agent normal, executing a reside subscription into its uMINT cash market fund constructed on Ethereum and Polygon. The transaction demonstrated institutional-grade liquidity options by way of blockchain infrastructure.
In the meantime, BNY and Goldman Sachs launched a collaborative initiative in July 2025 enabling subscription for shares of cash market funds by way of BNY’s LiquidityDirect and Digital Asset platforms, with corresponding worth represented by way of mirrored report tokenization using Goldman’s GS DAP know-how. BlackRock, BNY Investments Dreyfus, Federated Hermes, Constancy Investments and Goldman Sachs Asset Administration participated within the initiative.
BlackRock’s USD Institutional Digital Liquidity Fund presently dominates the on-chain cash market panorama with greater than $2.5 billion in tokenized belongings. The agency expanded BUIDL to Aptos, Arbitrum, Avalanche, Optimism and Polygon, broadening past Ethereum. Constancy Investments rolled out its tokenized cash market fund on Ethereum in September with Ondo Finance holding $202 million within the offering.
The tokenization wave extends past cash market funds. Amundi is getting ready to introduce Bitcoin exchange-traded notes in early 2026, in keeping with business reporting. The ETNs would place the agency alongside U.S. ETF heavyweights, providing regulated digital asset publicity in Europe following years of cautious commentary. BlackRock’s iShares Bitcoin Belief holds roughly 800,000 BTC, roughly 3.8 p.c of complete provide, demonstrating institutional urge for food that Amundi’s ETNs could replicate regionally.
Remaining Ideas
These developments sign a basic shift in how main asset managers strategy fund distribution and liquidity administration. Tokenization is advancing from pilots and proofs-of-concept into reside manufacturing, notably throughout cash market and short-duration merchandise. With over $10 trillion in international cash market funds and accelerating institutional curiosity, the race to convey these belongings on-chain is intensifying.
The hybrid mannequin pioneered by Amundi and CACEIS addresses a important problem: enabling blockchain-based distribution with out forcing an entire overhaul of current institutional programs. By sustaining conventional switch agent companies alongside tokenized items recorded on public blockchains, the strategy accommodates each standard buyers and digital-native individuals.
Future developments could allow buyers to pay for subscriptions and obtain redemption proceeds straight on blockchain with the mixing of stablecoins, tokenized deposits and, over an extended horizon, central financial institution digital currencies. The infrastructure for 24/7 subscription and redemption companies represents a departure from conventional market hours and settlement cycles, doubtlessly reshaping operational fashions throughout the asset administration business.
Amundi will proceed and develop its tokenization initiatives to learn purchasers in France and internationally, in keeping with the agency. The launch demonstrates experience in overlaying concrete use instances whereas establishing a basis for broader adoption of blockchain-based fund distribution throughout Europe’s largest asset supervisor.
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