Europe’s largest asset manager, Amundi, has launched its first tokenized money market fund, signaling a major embrace of blockchain technology by traditional finance amidst the rapid growth of digital real-world assets.
The asset manager, which oversees approximately $2.3 trillion, unveiled new tokenized shares for its Amundi Funds Cash EUR J28 EUR DLT. These shares are registered on the public Ethereum blockchain.
This move is part of Amundi’s broader digital transformation. It aims to modernize fund infrastructure and enhance investor access through increased transaction traceability and operational efficiency.
The project was developed in collaboration with CACEIS, a leading European provider of custody and transfer agent services. CACEIS supplied the necessary technological infrastructure, including digital wallets for investors and a blockchain-based platform for managing subscription and redemption orders.
Jean-Pierre Michalowski, CEO of CACEIS, stated the initiative is a key step toward achieving 24-hour continuous fund operations. He envisions these operations utilizing stablecoins or central bank digital currencies (CBDCs) in the future.
Integrating blockchain is expected to provide significant benefits, such as instant order execution and uninterrupted operational continuity. It also opens access to new investor markets worldwide.
Amundi noted that the tokenized version complements its existing distribution channels. The fund will remain available through traditional means, ensuring efficiency is added without disrupting current operations.
Jean-Jacques Barberis, Amundi’s head of institutional and corporate clients and ESG, affirmed that the tokenization of assets is a global transformation set to accelerate in the coming years. He added that Amundi plans to expand tokenization opportunities for clients in France and internationally.
Tokenization of real-world assets (RWAs) involves digitally representing traditional financial instruments like bonds, funds, or real estate on a blockchain network. This process can streamline operations, reduce costs, and create new avenues for investors.
The RWA tokenization market has seen rapid expansion in 2025. Its aggregate market value surged from $15.2 billion at the beginning of the year to $37.1 billion by November 27.
The Provenance blockchain currently leads this segment with a market value of $13.9 billion. This growth has been significantly driven by the issuance of assets from Figure Technologies, a major independent originator of mortgage credit lines in the United States, which went public on Nasdaq in September.
Ethereum holds the second position, accounting for $12.4 billion in tokenized RWAs. Other networks, including ZKsync, BNB Chain, and Polygon, hold smaller market shares.
This trend underscores a growing convergence where traditional financial institutions are leveraging blockchain technology. They are digitizing financial products while maintaining their regulated nature. Amundi’s participation reinforces this consolidation, potentially reshaping how millions invest in low-risk products like money market funds.