Amundi, Europe’s largest asset manager by assets under management, has officially entered the tokenization arena by launching its first on-chain share class on the public Ethereum blockchain. The move marks a significant step in Europe’s shift toward blockchain-based fund distribution and underscores the rapid growth of tokenized money market funds, along with Ethereum’s continued dominance in real-world asset (RWA) tokenization.
Partnership with CACEIS Powers the Launch
The tokenized share class belongs to the Amundi Funds Cash EUR money market fund. Amundi partnered with CACEIS, a leading European asset-servicing provider, to build the underlying infrastructure. CACEIS supplied tokenization tools, investor digital wallets, and a blockchain-based order system that supports real-time subscriptions and redemptions.
According to Amundi, the tokenized structure offers multiple benefits for both investors and distributors: instant order execution, 24/7 operational availability, and broader access to new types of investors who prefer digital-native financial products.
Jean-Jacques Barbéris, Amundi’s Head of Institutional and Corporate Clients, commented: “This first initiative on a money market fund demonstrates our expertise and the robustness of our methodology in covering concrete use cases. Amundi will continue and expand its tokenization initiatives to benefit its clients.”
Tokenized Money Market Funds: A Rapidly Growing Niche
The launch arrives as the tokenized money market fund sector continues to expand, now totaling approximately $9 billion in assets under management. While small relative to the broader asset management industry, this segment is growing rapidly and is primarily used as secure, liquid collateral for stablecoin issuance rather than as free-floating assets in decentralized finance. Nevertheless, its emergence suggests a deepening bridge between traditional finance and on-chain markets.
Zooming out, the overall tokenized asset sector has surpassed $36 billion, led largely by private credit. Ethereum remains the top blockchain for real-world assets, securing nearly $12 billion of tokenized value (excluding stablecoins). Much of this growth accelerated in 2025, driven by inflows from U.S. money market funds migrating to blockchain rails.
Ethereum’s Dominance in RWA Tokenization
By choosing Ethereum as its launchpad, Amundi reinforces Ethereum’s position as the leading public blockchain for regulated tokenized products. With nearly $12 billion in tokenized RWA value, Ethereum continues to attract traditional financial institutions seeking to leverage blockchain for fund distribution and asset servicing.
Industry experts believe that Amundi’s move could trigger a wave of similar initiatives among other large European asset managers, potentially pushing tokenized fund structures from pilot projects into mainstream adoption. The liquidity and operational advantages of tokenized money market funds may also redefine institutional cash management standards.
Market Implications and Outlook
The combination of Amundi’s scale and Ethereum’s infrastructure creates a powerful proof-of-concept for regulated fund tokenization. As regulators globally become more comfortable with blockchain-based financial instruments, the tokenized market is expected to expand beyond $100 billion in the near future. Amundi’s first step on Ethereum may well be remembered as a catalyst for Europe’s full embrace of on-chain finance.