Amundi Rolls Out First Tokenized Money Market Fund On-Chain

With the financial space changing quickly, Amundi has introduced its first tokenized version of the AMUNDI FUNDS CASH EUR money market fund. Investors can now hold fund units as digital tokens instead of through traditional channels. While the fund’s basic purpose and setup remain unchanged, the initiative reflects Amundi’s push to modernize fund management and adapt to shifting investor preferences.

Hybrid Fund Powered by Blockchain

The tokenized fund makes use of distributed-ledger technology together with the public Ethereum network , allowing every movement of its units to be securely documented and easily monitored. Its first activity on the blockchain took place on November 4. To serve a broad range of investors, the fund follows a hybrid approach, remaining accessible through traditional channels while also offering a digital token option.

The rollout was developed in partnership with CACEIS , an asset-servicing firm that provides the technical framework for tokenization, including digital wallet management for investors and the platform for processing subscription and redemption requests. This collaboration combines blockchain innovation with traditional fund operations to deliver a seamless experience for investors.

Bringing Tokenized Funds to a Broader Investor Base

Jean-Jacques Barbéris, overseeing Institutional and Corporate Clients and ESG at Amundi, said that asset tokenization is expected to expand globally in the coming years. He emphasized that introducing tokenization through the money market fund reflects Amundi’s ability to apply its operational framework in a practical setting. The firm plans to expand tokenization while keeping strict security standards and offering additional value for clients in France and abroad.

The tokenized model provides multiple advantages, including immediate execution of orders, access to a broader and younger investor base, and continuous trading beyond traditional market hours. These benefits reinforce the hybrid distribution approach, making the fund more flexible and efficient.

Explaining how these advantages are delivered in practice, Jean-Pierre Michalowski, CEO of CACEIS, said that the hybrid transfer agent service gives clients an additional route for fund distribution. He added that “this is a decisive step towards achieving our goal of offering 24/7 subscription and redemption services for investment fund units payable in stable coins (EMT) or central bank digital currency when it becomes available.”

Amundi, based in Paris, manages around €2.3 trillion ($2.6 trillion) in assets and serves over 100 million retail investors worldwide, showing the scale at which this digital initiative is being implemented.

Growing Adoption of Tokenized Money Market Funds

The launch comes amid a notable increase in tokenized money market funds, particularly those investing in U.S. Treasuries. According to RWA.xyz, BlackRock’s blockchain money market fund currently manages $2.3 billion in digital assets, while Franklin Templeton’s equivalent fund has surpassed $826 million.

This rise reflects a broader trend noted in a recent Bank for International Settlements bulletin, which reported that after a modest start, these tokenized funds have expanded sharply over the past two years. Total value locked grew from about $770 million at the end of 2023 to nearly $9 billion by October 2025, illustrating the growing demand for blockchain-based investment solutions and the increasing role of tokenization in mainstream finance.