Amundi, Europe’s biggest asset manager with more than €2.3 trillion under management, has officially moved into blockchain-based fund distribution by tokenizing a share class of its €5 billion AMUNDI FUNDS CASH EUR money market fund.
The first transaction for the new tokenized class took place on November 4, 2025, marking one of the most significant real-world asset (RWA) developments in Europe this year.
The newly launched share class, AMUNDI FUNDS CASH EUR – J28 EUR DLT (C), now exists alongside the traditional version, giving investors the option to access the same fund through either conventional channels or a blockchain-native format.
A Hybrid Model Connecting Traditional Finance With Ethereum
Amundi’s approach blends two systems: a legacy structure familiar to institutional clients and a digital version designed for on-chain operability.
This hybrid model enables the fund to function normally within the existing regulatory and distribution framework while unlocking blockchain-native execution for investors who prefer digital infrastructure.
It also preserves compatibility with European fund rules while allowing Amundi to test a new distribution layer without disrupting its core operations.
Why Ethereum? Faster Execution and 24/7 Access
Launching on Ethereum brings tangible advantages that traditional fund mechanics cannot match.
Orders can be executed instantly, without waiting for legacy settlement windows. Investors gain round-the-clock access for subscriptions and redemptions, making fund participation possible even outside standard market hours.
This structure particularly benefits digitally native investors who already hold and transact through crypto wallets and are looking for fund products that match the speed and accessibility of the blockchain ecosystem.
The underlying fund still invests in high-quality, short-term euro-denominated debt instruments, but the tokenized wrapper dramatically modernizes how investors can interact with it.
CACEIS Provides Wallets, Infrastructure, and Digital Order Systems
The project is the result of a collaboration between Amundi and CACEIS, which supplied the digital infrastructure required for tokenization.
CACEIS implemented investor wallets, a new digital order platform, and the technical rails needed to manage tokenized fund shares securely on Ethereum.
This back-end structure ensures that both institutional and retail clients can subscribe, redeem, and hold tokenized shares with the same level of security they would expect from traditional custody.
A Growing Institutional Shift Toward Tokenized Assets
Amundi joins a global wave of major asset managers, including BlackRock and Franklin Templeton, that are actively exploring tokenized fund models.
With over €5 billion now partially represented on Ethereum, the firm positions itself alongside the early movers in the rapidly expanding real-world asset market.
The initiative signals growing institutional confidence that blockchain will eventually play a central role in fund distribution, settlement, and investor access.
Amundi’s entrance into on-chain finance is not just a technical experiment, it is a clear sign that tokenization is moving from concept to mainstream adoption.
