Points of Focus:

• Amundi, Europe’s largest asset manager, launches its first tokenized euro money market fund on Ethereum.
• The fund’s tokenized share is treated as a traditional financial instrument under MiFID II and UCITS/AIFMD frameworks.
• Amundi joins global asset managers like JPMorgan and Franklin Templeton in expanding real-world asset tokenization.

Europe’s largest asset manager, Amundi, has taken a major step into blockchain-based finance with the launch of its first tokenized fund share on the Ethereum network.

Amundi, which manages around €2.3 trillion ($2.5 trillion) in assets, announced the rollout of a tokenized share class for its Amundi Funds Cash EUR money market fund. The new share class, called Amundi Funds Cash EUR – J28 EUR DLT, operates on the Ethereum blockchain and mirrors the traditional fund in structure, risk profile, and management strategy.

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JUST IN: $2.75 TRILLION asset manager amundi launched a tokenized money-market fund on ethereum.

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ETH. pic.twitter.com/tVbMyVVP9x

— Joseph Young (@iamjosephyoung) November 28, 2025

The first on-chain transaction occurred on November 4, 2025. The project was developed in partnership with CACEIS, the asset-servicing arm of Crédit Agricole and Santander, which provided the tokenization infrastructure, digital wallets, and order processing for on-chain transactions.

Bridging traditional and digital finance

• Hybrid distribution model: Investors can choose between the conventional share class and the new tokenized version, allowing fund-holders who prefer traditional systems to stick with them, while giving more tech-oriented or blockchain-native participants access to on-chain fund units
• Increased efficiency and 24/7 access: By using distributed-ledger technology, the tokenized fund aims to streamline order processing, enable faster settlements, and allow trading/subscriptions/redemptions around the clock, something conventional funds often can’t offer outside standard market hours. 
• Maintained underlying portfolio and risk profile: The tokenized share class doesn’t alter the fund’s investment strategy; it continues to invest in short-term, high-quality euro-denominated debt instruments, including money-market instruments and overnight repurchase agreements with European sovereigns.

Amundi emphasized that the tokenized share class does not change the fund’s investment mandate. The money market fund continues to invest in high-quality, short-term euro-denominated debt instruments.

The blockchain integration focuses on operational efficiency, cost reduction, and enhanced transparency, without altering regulatory or risk parameters.

Part of a wider tokenization trend

Amundi joins a growing list of major financial institutions, including Franklin Templeton, JPMorgan, and WisdomTree, experimenting with tokenized real-world assets (RWAs).

The asset manager signaled that this launch is the first in a series of steps toward broader tokenization across its fund range, as blockchain adoption continues to reshape capital markets infrastructure.

Tokenized fund falls under existing EU securities laws, not MiCA

While Amundi’s tokenized fund share operates on the Ethereum blockchain, it is still classified as a traditional financial instrument under existing European Union law, meaning it falls under frameworks like the Markets in Financial Instruments Directive II (MiFID II) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS), not the new Markets in Crypto-Assets Regulation (MiCA).

MiCA primarily governs asset-referenced tokens (ARTs) and e-money tokens (EMTs), such as stablecoins, along with certain unregulated crypto assets. It explicitly excludes financial instruments that already fall within EU securities legislation. 

Because Amundi’s tokenized share represents a unit in a regulated money market fund, it retains its legal status as a security and is therefore subject to MiFID II investor-protection, transparency, and distribution rules, as well as UCITS or the Alternative Investment Funds Manager Directive (AIFMD) regulations.

In practice, the tokenization layer is technological, not legal, the blockchain acts as the record-keeping and transfer mechanism, while the fund itself remains bound by the same regulatory standards as its non-tokenized counterpart. 

Amundi’s initiative, therefore, aligns with the EU DLT Pilot Regime, which enables traditional financial institutions to experiment with distributed-ledger infrastructure within the bounds of existing securities laws.