TBW - Amundi launches its first tokenised money market fund
Amundi is clearly accelerating its crypto strategy. A few weeks after making official the launch of its Bitcoin ETP scheduled for early 2026 (which we revealed in mid-October), Europe's leading asset manager is taking another step forward by unveiling a tokenised unit of its AMUNDI FUNDS CASH EUR money market fund, a vehicle worth more than €5 billion now available in hybrid distribution: via traditional channels and directly on the Ethereum blockchain.
The first transaction took place on 4 November, marking the arrival of a European systemic player on a market that is still emerging but promises rapid growth.
The transaction is based on the infrastructure developed by CACEIS, a regulated subsidiary of the Crédit Agricole Group, which provides the distributed ledger, digital wallets and the platform for managing subscriptions and redemptions in on-chain mode.
For Amundi, this launch is part of a long-term strategy.
"Tokenisation is a transformation that will accelerate over the next few years worldwide," analyses Jean-Jacques Barbéris, Comex member and head of institutional clients. "This first initiative demonstrates our expertise, and we will continue to extend our projects for the benefit of our customers in France and internationally."
CACEIS shares this vision of a gradual switch from fund distribution to blockchain. Its CEO, Jean-Pierre Michalowski, emphasises the disruption represented by this new channel: "Our customers can now quickly access blockchain-based distribution, with 24/7 subscription and redemption capabilities, using stablecoins or, eventually, central bank digital currencies."
This move comes even as the market for tokenised money market funds remains small (less than $10 billion) but already structured around three leading players, according to data from The Big Whale.
Outstandings of the largest tokenised money market funds - Source: The Big Whale / RWA.xyz
Leading the way is the BlackRock USD Institutional Digital Liquidity Fund, which exceeds $2.31 billion in tokenised units and has established itself as a preferred cash solution for crypto-native businesses. Franklin Templeton, a pioneer since 2021, has $826.6m in tokenised assets via its OnChain US Government Money Fund, now distributed on Stellar and Polygon.
Spiko, a young French company registered with the AMF, has so far established itself as the most advanced European player with $550 million tokenised across its two funds (euros and dollars), confirming that Europe is not totally absent from this emerging segment.
The arrival of Amundi in this landscape, however, changes the order of magnitude. By choosing Ethereum to distribute a portion of its money market fund, the French asset manager is giving tokenisation a strong institutional endorsement, while preparing for a broader ramp-up: the Bitcoin ETP announced for early 2026 will enable it to directly address the growing demand for regulated crypto exposures.
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