Amundi, Europe’s largest asset manager, marks the beginning of a convergence between traditional finance (TradFi) and blockchain with the launch of its first tokenised share class of a money market fund on the Ethereum blockchain. With nearly $2.3 trillion of assets under management, Amundi’s introduction into the digital asset domain represents an inflection point for the European Fund Industry.
A Historic Shift for European Finance
The Amundi Funds Cash EUR – J28 EUR DLT represents one of Amundi’s flagship money market funds and has been tokenised as part of their new cash management initiative, which uses a Distributed Ledger Technology (DLT) to revolutionise the way cash is distributed. As per Amundi; they have successfully completed the very first transaction in early November, thereby transforming the project from a proof of concept into a fully operational commercial application.
“The tokenization of assets is a transformation set to accelerate in the coming years around the world,” said Jean-Jacques Barberis, Head of Institutional and Corporate Clients at Amundi. It was emphasized that this is not simply an experiment, but rather a strategic move on the part of the company to “expand tokenisation initiatives for its customers in France and globally.”
The Hybrid Model: Bridging TradFi and DeFi
To launch this ambitious plan, Amundi partnered with CACEIS, a top European asset servicing company. CACEIS created the necessary infrastructure and served as the transfer agent for the tokenised fund as well as creating the technology stack that connects the blockchain with the traditional banking system. This technology stack consists of digital wallets for investors, as well as a secure platform for processing subscriptions and redemptions.
Importantly, the fund operates under a hybrid distribution model; therefore, the fund will continue to be offered through traditional banking institutions while also offering a tokenised share class. This will enable Amundi to develop new ways of delivering investment products without losing current clients who may not yet be prepared to move to the use of digital assets.
Unlocking 24/7 Liquidity and Transparency
There are specific inefficiencies in the method of operation for fund management, and the transition to Ethereal Blockchain is a solution to these issues; such as the time to settle a fund subscription, which was previously measured by days, now can be measured by seconds.
On the blockchain, these processes can theoretically happen in minutes, regardless of banking hours.
Jean-Pierre Michalowski, CEO of CACEIS, described the launch as a “decisive step” toward a future where investment funds are traded around the clock. “Our goal is to offer 24/7 subscription and redemption services for investment fund units payable in stablecoins or central bank digital currency (CBDC) when it becomes available,” Michalowski explained.
The RWA Boom: A $37 Billion Market
Amundi joins the RWA sector during what has now become a breakout year for this industry. The amount of money entering into the RWA markets (known as tokenised traditional assets) jumped significantly from a total market cap of $15.2 billion at January 2025, to more than doubling to $37.1 Bn as of late November 2025.
Institutional investors continue to show a growing interest in acquiring RWA assets, including safe and highly regulated securities such as U.S. Treasury Bonds or Money Market Funds issued by banks, using their excess stablecoin capital stored in blockchains.
Competing in a Crowded Digital Arena
Amundi is a major player in Europe but competing internationally in the digital asset space will be a challenge. The leading company in this segment of the market is Provenance, who currently has the highest market cap ($13.9 billion as of October 2023) due largely to Figure Technologies, a major non-bank lender that went public on the Nasdaq exchange in September 2026.
Following Ethereum in second place are other leading companies involved with Digital Assets such as BlackRock and Franklin Templeton, which are both working on converting their US Money Market Funds into cryptocurrency (crypto) versions. Amundi has chosen Ethereum, which is a publicly accessible and open network, as their platform of choice. This demonstrates an increasing level of comfort from institutions with open public networks compared to a private walled garden.
Preparing for the Future of Money
In conclusion, Amundi’s decision to establish itself as a leading player in digital cash is well-timed given that the next wave of financial innovation will be the emergence of ‘digital cash’ due to the European Central Bank’s continued development of a Digital Euro, combined with the ability for private sector stablecoins to operate within a growing regulatory framework, such as MiCA. A significant advantage will be the ability to execute investment fund transfers instantly via digital currency.
By building the rails today, Amundi is ensuring it isn’t just watching the future of finance arrive—it’s helping to build it.
