European asset management giant Amundi, with over €2.2 trillion in assets under management, has successfully tokenized its Amundi Funds Cash EUR money market fund, placing the fund’s shares fully on-chain on the Ethereum blockchain Ethereum.
The operation, carried out in collaboration with CACEIS (the asset-servicing arm of Crédit Agricole and Santander), marks one of the largest real-world deployments of blockchain technology by a traditional European fund manager to date. The tokenized fund, which primarily invests in short-term, high-quality euro-denominated debt instruments, now has its investor register and share ownership recorded immutably on Ethereum, while the underlying cash and securities remain held in traditional custody.
This move allows eligible institutional and professional investors to hold, transfer, and settle fund units 24/7 via smart contracts, significantly reducing reconciliation times and operational friction compared with conventional fund processing. Settlement finality, which traditionally takes T+1 or T+2 in the classic fund industry, can now occur in minutes.
According to Amundi and CACEIS, the tokenization was performed in full compliance with existing European regulations, notably under the DLT Pilot Regime and the upcoming MiCAR framework. The project leverages Ethereum’s public blockchain for transparency and auditability while maintaining strict KYC/AML controls through whitelisting mechanisms managed by CACEIS as the regulated transfer agent.
Fanny Letier, Co-CEO of Amundi Technology, commented:
“Tokenizing a money-market fund of this size demonstrates that blockchain is no longer a proof-of-concept but a production-ready infrastructure capable of enhancing liquidity and efficiency for institutional clients.”
The initiative follows similar experiments by BlackRock (BUIDL fund on Ethereum) and Franklin Templeton (BENJI platform) in the U.S., but stands out in the European context due to Amundi’s dominant position as the continent’s largest asset manager and the use of a live, regulated money-market fund rather than a bespoke vehicle.
Market participants expect further European fund houses to follow suit in 2026 as regulatory clarity improves and infrastructure providers such as CACEIS, Société Générale FORGE, and Euroclear continue to scale DLT solutions.
With this step, Amundi strengthens its position at the forefront of the convergence between traditional finance and distributed ledger technology in Europe.