The European asset management giant Amundi, in a strategic partnership with CACEIS, has announced the launch of its first tokenized share class for the AMUNDI FUNDS CASH EUR money market fund. This initiative marks a significant step in the firm’s digital transformation, introducing a hybrid distribution model that bridges traditional finance with distributed ledger technology (DLT). The first transaction for this new share class took place on November 4, 2024, allowing institutional investors to access the fund through natively digital units issued on the public Ethereum blockchain.
Hybrid Distribution and Technical Infrastructure
The new solution operates alongside existing distribution channels, offering investors a choice between traditional investment methods and the new tokenized shares, designated as "AMUNDI FUNDS CASH EUR - J28 EUR DLT (C)". CACEIS, the asset servicing arm of Crédit Agricole and Santander, provides the necessary technical infrastructure, including:
- A specialized digital order platform for subscriptions and redemptions.
- Digital portfolios (wallets) for investors to hold tokenized assets.
- Tokenization technology for the native issuance of fund units on the Ethereum network.
By utilizing the public Ethereum blockchain, the fund ensures a transparent, immutable record of share ownership and enhances the traceability of all transactions. This setup is designed to streamline administrative processes and reduce settlement times.
Strategic Implications for Money Market Funds
The AMUNDI FUNDS CASH EUR is a significant money market vehicle with approximately €5.57 billion in assets under management (AUM). It primarily invests in high-quality money market instruments and aims to provide returns in line with the Euribor 3-month rate. The integration of DLT is expected to facilitate 24/7 operability and instant order execution, features that are increasingly sought after by institutional clients.
The tokenization of assets is a transformation set to accelerate in the coming years around the world. 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 in France and internationally.
— Jean-Jacques Barbéris, Head of Institutional and Corporate Clients Coverage at Amundi.
Future Outlook for Digital Asset Servicing
The partnership with CACEIS, which holds Digital Asset Service Provider (DASP) status in France, underscores a growing trend among major European financial institutions to adopt blockchain solutions. CACEIS CEO Jean-Pierre Michalowski noted that this hybrid Transfer Agent service is a "decisive step" toward a future where fund units can be settled using stablecoins or Central Bank Digital Currencies (CBDC).
The launch of the J28 EUR DLT share class is positioned as the beginning of a broader rollout of tokenized products by Amundi. As the regulatory environment under MiCA (Markets in Crypto-Assets Regulation) matures, the firm plans to leverage this pilot to integrate more external customers and expand its digital asset offerings across Europe.
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