Amundi Brings €5 billion Money Market Fund on Ethereum as Tokenization Race Heats Up in Europe

Quick Breakdown

• Amundi launches €5 billion money market fund on Ethereum, enabling 24/7 subscriptions.
• The launch makes Amundi the first major European asset manager to tokenize a Euro-denominated MMF on the Ethereum blockchain.
• The tokenized fund comes as European on-chain funds grow, still only 0.1% of €7T money market.

Amundi Launches €5 Billion Tokenized Share Class on Ethereum

Amundi, one of the largest asset managers in Europe with over €2 trillion in assets under management (AuM), has tokenized €5 billion share class of its AMUNDI FUNDS CASH EUR money market fund onto the Ethereum blockchain through tokenization.

The tokenized share class, called AMUNDI FUNDS CASH EUR J28 EUR DLT, uses distributed ledger technology to deliver clear and permanent ownership records while also supporting real-time subscription and redemption activity around the clock. This constant availability removes the old limits created by banking hours and allows investors across different regions, including institutional and crypto-native users, to reach the product more easily.

Though tokenized, the fund still follows its usual strategy, which is focused on short-term, high-grade euro assets such as overnight repo agreements with European sovereign bodies to keep liquidity and stability in place. The project was carried out together with CACEIS, which serves as the asset servicing division of Crédit Agricole and provided the needed tokenization structure.

CACEIS brings strong technical and regulatory experience to the project. It oversees €5.3 trillion in assets under administration and also holds digital asset custody approvals in France. This allows the company to connect compliant blockchain setups with traditional fund administration systems. Through the joint setup, the partners offer digital wallet tools, token rails for fund units, and a unified digital order platform for handling subscriptions and redemptions.

Amundi explained that the platform lets fund managers, private banks, and major distributors process subscriptions and redemptions on-chain while still using the same operational patterns they already understand, with less reconciliation and faster fund settlement.

This move stands out as one of the earliest live examples of a tokenized money market fund using a hybrid model, available both via conventional investment channels and as on-chain tokens. It also makes Amundi the first major European asset manager to tokenize a Euro-denominated MMF on Ethereum.

Tokenized Money Market Funds Enter Rapid Expansion Globally

Analysts in the sector point out that Amundi’s move arrives while tokenized money market funds are expanding quickly. This surge seems not to have gone unnoticed inside the firm, as Amundi did not frame its decision as isolated from the broader upswing. Instead, it acknowledged that the pace of adoption across the wider tokenization landscape helped shape the timing of its tokenized share initiative.

Amundi money market funds. Source: Amundi

Behind this growth are both large traditional institutions and newly formed crypto-native firms that see tokenization as the next major upgrade for treasuries, short-term instruments, and funds. The trend is even clearer in the money market tokenization segment, which has already become a multi-billion-dollar class on its own.

Combined tokenized money market offerings had climbed $9 billion by the end of October, with most of the activity concentrated among a few major issuers who are shaping the evolution of the field.

Europe Builds Momentum as US Tokenization Leads the Market

There is steady momentum building across Europe around the tokenization of funds and real-world assets, even though the overall size is still small when placed beside the United States market.

Earlier in the year, crypto exchanges began expanding blockchain access to traditional equities to help strengthen fiat-to-crypto onramp. Gemini introduced tokenized Strategy (MSTR) shares in the EU through a partnership with Dinari, giving users access to US equities on networks like Arbitrum while retaining shareholder rights.

Kraken also broadened its xStocks platform to Europe, enabling trading of tokenized US stocks and ETFs on Solana, further integrating traditional assets with DeFi and strengthening crypto onramp in the region.

The launch of tokenized funds from long-standing asset managers, together with new fintech groups, shows that institutional trust is rising alongside. The mechanical structure of Amundi’s fund becomes important here because the firm is not only placing a familiar product on-chain. Rather, it is creating a fresh operational pattern around it that depends heavily on CACEIS to hold up the regulated base of the entire system.

Amundi handles the euro-based short-duration instruments, such as repos and commercial paper, while CACEIS manages the compliance requirements, identity checks, and legal certainty of the digital share class. The service also guarantees that when a token changes hands, the owner is updated instantly on Ethereum while matching the off-chain ledger.

This one-to-one connection between the regulated share and the tokenized share makes the hybrid model work without disrupting the legal structure governing fund ownership.

CACEIS’s hybrid transfer agent framework is the key piece that supports everything, linking the official records to the smart contract, ensuring that only verified investors can hold the token, and unlocking full-day distribution access that Amundi wants to bring into the European fund environment.

It acts as the regulatory layer that keeps the system compliant while allowing the blockchain to operate as the shared settlement channel. In doing so, it reduces one of the long-standing issues in European fund distribution, which is the delay caused by business hour limits and manual processing.

Conclusion

Altogether, this development puts Amundi and CACEIS at the forefront of euro-based tokenization. Clients receive faster settlement and continuous access without changing the underlying investment, while distributors gain a rail that functions outside traditional operating hours. The broader European market gets another indication that tokenized fund structures are moving from pilot tests into regulated and scalable offerings created by major financial players.

If the current pace continues, Amundi’s blended model could shape how euro area managers upgrade liquidity products, while CACEIS strengthens its role as a core operator in Europe’s shift toward blockchain-based fund administration.