Amundi Launches €5 Billion Euro-Denominated Money-Market Fund on Ethereum

First Major European Asset Manager Moves Into Live On-Chain Fund Shares

TL;DR

• Amundi has tokenized a share class of its euro money-market fund — “AMUNDI FUNDS CASH EUR – J28 EUR DLT (C)” — creating an on-chain version of a €5 billion fund.
• The first blockchain transaction executed on November 4, 2025, enabling subscriptions and redemptions via a hybrid model combining traditional and Ethereum-based delivery rails.
• Through a partnership with CACEIS, investors gain 24/7 access, transparent ownership records on public Ethereum, and potential future integration with stablecoins or central-bank digital currencies.

European asset manager Amundi has unveiled a landmark move in financial markets by launching a tokenized version of its euro money-market fund on the public Ethereum blockchain. The newly minted share class, dubbed “AMUNDI FUNDS CASH EUR – J28 EUR DLT (C),” represents approximately €5 billion in assets, establishing one of the largest-ever traditional funds to transition — at least partially — onto on-chain infrastructure. This step signals a decisive shift from experimentation to real-world deployment of blockchain-based retail fund access.

Transaction records show the first on-chain trade occurred on November 4, 2025, marking the official go-live date of the offering. The tokenized shares do not replace the existing fund structure; rather, they sit alongside conventional shares in a hybrid distribution framework, allowing investors to choose between standard redemption pipelines and blockchain-native ones. This dual-track setup lowers friction for traditional clients while opening access to digital-native investors comfortable with crypto rails.

The technological bridge was built in partnership with CACEIS, a European depositary and transfer-agent firm. Under this arrangement, CACEIS provides digital wallets for investors, operates distributed-ledger infrastructure to manage fund unit ownership, and delivers a web-based order platform that supports subscriptions and redemptions. On-chain transparency is a central selling point: ownership and transaction history become publicly visible in real time, enabling instantaneous verification without reliance on intermediaries. Amundi and CACEIS highlight benefits such as instant order execution, 24/7 operability, and a broadened distribution footprint aimed at digitally oriented participants.

Beyond operational efficiency, the firms underscore strategic ambition. Jean-Jacques Barbéris, Amundi’s Head of Institutional and Corporate Clients & ESG, characterized the move as a harbinger of a broader wave of asset tokenization, stating “the tokenization of assets is a transformation set to accelerate in the coming years around the world.” From CACEIS, CEO Jean-Pierre Michalowski emphasized the launch of a “hybrid Transfer Agent service,” positioning the new offering as a credible blockchain-based distribution channel. He added that this path is “decisive” toward enabling truly digital subscription and redemption workflows — potentially settled in stablecoins or central-bank digital currencies once regulatory and market conditions allow.

Market watchers have noted the broader context: tokenized money-market funds have seen cumulative assets rise sharply, from roughly US$770 million at the end of 2023 to nearly US$9 billion by October 2025. Major players such as BlackRock and Franklin Templeton already operate on-chain money-market funds with billions under management, but none has yet matched the scale and legacy asset-management pedigree of Amundi. With roughly €2.3 trillion in total assets under management and serving over 100 million retail clients worldwide, Amundi adds serious ballast to the nascent real-world-asset (RWA) tokenization movement.

The hybrid model stands out as a pragmatic payoff to adoption challenges faced by earlier tokenization experiments. Traditional investors can stick with familiar redemption mechanics, while digitally savvy investors get blockchain-native access — avoiding a forced transition that could deter conservative institutions. This layered approach may reduce the adoption friction and help bridge traditional finance and crypto-native audiences.

Despite the enthusiasm, limitations remain. On-chain money-market funds still represent a tiny fraction of total global money-market fund assets, which run into the multi-trillion-euro range. The approximately €5 billion shift by Amundi is ambitious but barely a drop compared to the estimated over €7 trillion in global money-market AUM. Furthermore, tokenization does not eliminate inherent fund-level risks: credit risk, liquidity risk, and reliance on the fund’s underlying short-term debt remain unchanged. On-chain transparency and speed do not magically insulate investors from the traditional risks of money-market instruments.

Regulatory and custody concerns could also present friction down the road, especially if Amundi and CACEIS move toward stablecoin or CBDC-based settlement. Even though CACEIS became licensed as a digital-asset custodian in France in 2023, regulatory frameworks for stablecoins and CBDCs vary widely across jurisdictions — potentially complicating global distribution or settlement.

Nevertheless, the symbolic weight of this move is substantial. This is not a small-scale pilot or a closed-door institutional trial. This is a widely used, large-scale European money-market fund opening its doors to blockchain-based share classes under a live production system. The era of “tokenized RWA as marketing fluff” may be receding; the age of “tokenized RWA as real trad-fi infrastructure” might already be here.

This article has been refined and enhanced by ChatGPT.