Amundi tokenizes €5 billion money market fund on Ethereum

Amundi has rolled out a tokenized share class for its AMUNDI FUNDS CASH EUR fund, developed with CACEIS and issued on the Ethereum blockchain.

Amundi brings money market fund on-chain in partnership with CACEIS

Amundi, Europe's leading asset manager, announced the launch of a tokenized share class of the AMUNDI FUNDS CASH EUR money market fund on Thursday, a milestone made possible through its partnership with CACEIS, a key European player in asset servicing.

The inaugural transaction took place on November 4, marking the start of hybrid distribution for the fund, which will remain available through traditional channels alongside its new tokenized share class, AMUNDI FUNDS CASH EUR – J28 EUR DLT (C).

The initiative leverages the Ethereum blockchain to record fund units transparently and ensure secure, traceable transaction flows. By introducing a tokenized share class, Amundi is positioning itself within the growing segment of blockchain-enabled fund infrastructure in Europe, a market increasingly shaped by regulatory clarity and institutional experimentation.

"The tokenization of assets is a transformation set to accelerate in the coming years around the world. This first initiative on a money market fund demonstrates our expertise and the robustness of our methodology in covering concrete use cases," said Jean-Jacques Barbéris, Head of Institutional and Corporate Clients, and ESG at Amundi.

The move signals a rise in tokenization in Europe, with Amundi's new fund mirroring that of BlackRock's BUIDL fund, which launched in March 2024.

Amundi's choice of Ethereum adds to the picture. Ethereum is the largest blockchain for tokenized assets, with a market capitalization of $11.5 billion, according to RWA.xyz. This far outpaces BNB Chain and Solana networks, which follow behind with tokenized values of $1.6 billion and $827 million, respectively.

Standard Chartered previously predicted that Ethereum would lead the tokenization boom, emphasizing the network's proven stability. The bank noted that Ethereum has operated for more than a decade without a single mainnet outage, arguing that advantages like higher speed or lower fees on alternative blockchains are ultimately "irrelevant" compared with Ethereum's reliability, security, and established ecosystem.

The bank's outlook reinforces the broader context behind Amundi's move. Standard Chartered estimates that tokenized money-market funds and listed equities could each account for roughly $750 billion of an expected $2 trillion tokenized-assets market in the coming years. The remaining growth, according to the firm, will stem from tokenized funds, private equity, commodities, corporate debt, and real estate.

Amundi's introduction of a blockchain-native share class adds another major institution to the roster of traditional finance players turning to Ethereum as the foundational layer for real-world asset tokenization.