Amundi tokenizes money market fund on Ethereum

Amundi, Europe’s largest asset manager, has tokenized its AMUNDI FUNDS CASH EUR money market fund on Ethereum. CACEIS is providing the infrastructure, enabling subscriptions and redemptions at all hours alongside existing channels.

The AMUNDI FUNDS CASH EUR vehicle holds about €14.53 billion in assets. Tokenized units on Ethereum offer an alternative way to access the fund while retaining the same portfolio and risk profile as the conventional share classes. Pricing follows the fund’s net asset value, not blockchain activity.

CACEIS, a European transfer agent and digital asset service provider, is building and running the technology stack. Responsibilities include tokenizing fund units, creating digital portfolios for investors, and operating continuous subscriptions and redemptions. The product supports settlement in stablecoins and could connect to official digital currencies when available, according to the firm.

Amundi is positioning the tokenized format to offer the same exposure with extended operating hours. The initiative does not alter the fund’s investment strategy or its liquidity profile in traditional markets.

Tokenized money market funds have grown to roughly $9 billion in assets under management in 2025. These products are typically distributed to selected clients and often serve as liquid collateral, including for the issuance and backing of stablecoins. They are not widely traded as general Ethereum assets and are usually kept out of unvetted decentralized finance protocols.

Even with rising activity, the on-chain segment is small compared with the more than $7 trillion global money fund market. The Bank for International Settlements has highlighted potential risks related to interactions between tokenized funds, stablecoins and blockchain infrastructure.

Ethereum remains a primary network for real‑world asset tokenization due to its security model and institutional adoption. Across public chains, tokenized assets exceed ~$36 billion in value, with a significant share from private credit. On Ethereum alone, nearly $12 billion in tokenized value is locked, excluding stablecoins.

Amundi’s tokenized units will coexist with conventional share classes, giving clients the option to access the fund through existing channels or through blockchain-based wallets maintained with CACEIS. The infrastructure is designed to support ongoing issuance and redemption without daily cutoffs, subject to fund terms and the capabilities of the settlement assets used.

Recent inflows in 2025 include on‑chain representations of several US money market funds and other vehicles. The effect on the broader market remains limited, while asset managers and service providers test distribution, collateral management and settlement across public and permissioned networks.

As we reported earlier, the FDIC plans to publish guidance on tokenized deposit insurance and new rules for stablecoin issuers by end-2025, Acting Chairman Travis Hill said. The agency is exploring permissioned blockchain tokens that represent insured bank deposits, held in customer or fintech wallets, while maintaining bank balance-sheet backing and FDIC coverage. Smart contracts could speed insurance payouts.