Amundi has taken a significant step in Europe’s transition toward blockchain based fund infrastructure with the introduction of its first tokenized share class for a money market fund recorded on the public Ethereum network. The new Amundi Funds Cash EUR J28 EUR DLT share class marks a major advancement in how large asset managers are beginning to incorporate distributed ledger technology into mainstream investment products. Amundi, which oversees roughly 2.3 trillion dollars in assets, framed the initiative as part of a long term strategy to modernize fund distribution models and create parallel digital channels capable of operating alongside traditional routes. The tokenized shares provide transparent on chain record keeping and the option to enable continuous operational access, positioning the model as an early example of how tokenization could streamline fund servicing. The project was developed in collaboration with CACEIS, which supplied the digital wallet infrastructure and blockchain enabled order system designed to support subscription and redemption activity on a 24 hour basis.
The tokenization initiative is being viewed as a foundational experiment for large scale fund managers exploring how blockchain can improve settlement efficiency, auditability and investor accessibility. By placing share records on Ethereum, Amundi aims to reduce administrative overhead and achieve faster processing cycles, while retaining compatibility with existing regulatory, custodial and distribution requirements. CACEIS executives described the development as a step toward fully automated fund workflows where investors can initiate transactions continuously, potentially using stablecoins or central bank digital currencies once available. Industry observers note that the hybrid model adopted by Amundi illustrates how asset managers are balancing innovation with operational continuity, allowing the tokenized share class to function as an optional layer rather than a replacement for established infrastructure. This flexibility is considered essential as institutions evaluate how digital issuance models could enhance liquidity management, reduce operational friction and expand investor reach without disrupting regulatory compliance or core custody frameworks.
The broader backdrop for Amundi’s move is the rapid acceleration of real world asset tokenization in 2025, a trend fueled by strong institutional interest in programmable financial instruments and more efficient settlement structures. Market data indicates that tokenized RWA capitalization has more than doubled this year, growing from approximately 15.2 billion dollars to over 37 billion dollars by late November. Ethereum currently represents the second largest platform for RWA issuance, supported by consistent expansion in tokenized fund products and institutional settlement pilots. The Provenance blockchain leads the segment with around 13.9 billion dollars, driven by large issuances from Figure Technologies following its public market listing. Analysts expect continued growth as major financial institutions pursue tokenization strategies for fixed income products, deposits and fund units, driven by an industry wide shift toward transparent programmable markets. Amundi’s launch is therefore positioned not as an isolated project but as part of a broader institutional movement toward integrating blockchain into core financial infrastructure.
