Amundi, Europe’s largest asset manager, has launched its first tokenized euro money market fund on the Ethereum blockchain.
The initiative places one of the region’s most systemically important fund houses at the center of a growing shift to on‑chain fund infrastructure.
How the Amundi Tokenized Market Fund Works
The new product is a tokenized share class of AMUNDI FUNDS CASH EUR, a roughly €5 billion money market fund. It invests in short‑term, high‑quality euro‑denominated instruments and sovereign repo agreements. The tokenized share class, referred to as “AMUNDI FUNDS CASH EUR J28 EUR DLT” in documentation, records investor ownership and transfers on Ethereum’s public network, while the underlying portfolio and risk profile remain those of a conventional regulated fund.
Amundi has partnered with CACEIS, the asset‑servicing arm of Crédit Agricole. This is to provide custody, token issuance, wallet management, and settlement services. The first on‑chain subscriptions and redemptions took place on November 4, 2025. Investors were able to choose between traditional distribution channels and blockchain‑based access.
The tokenized fund can be held by institutional clients via whitelisted wallets. Transfers and record‑keeping are carried out through smart contracts governed by European fund regulations.
Why Tokenization and Money Markets Matter
The launch comes as tokenized money market and cash funds see rapid growth. Industry analysis cited by Amundi shows tokenized money market funds increasing from under $1 billion at end‑2023 to around $9 billion by late 2025. Additionally, tokenized treasuries and cash products have reached roughly $7.4 billion with strong year‑to‑date growth.
Existing players include BlackRock and Franklin Templeton, which already operate multi‑billion‑dollar tokenized liquidity pools. Amundi’s entry extends this model to a core euro fund used widely by corporate treasuries and institutions.
Amundi argues that using Ethereum can shorten settlement cycles, enable 24/7 processing, and improve transparency in unit movements through an immutable ledger. The firm emphasizes that the introduction of tokenization is as a complement to, rather than replacement for the existing fund infrastructure, allowing clients to adopt on‑chain operations at their own pace.
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