Amundi, Europe's largest asset manager, has introduced the first tokenized share class for its Euro Money Market Fund.
The fund is currently offered in a hybrid structure, allowing investors to choose between a traditional version and a new blockchain-based version. The first transaction was recorded on the Ethereum network on November 4th.
The deployment was developed in collaboration with CACEIS, a European asset services group that provides the tokenization infrastructure, investor wallets, and digital ordering system used to process subscriptions and redemptions.
The companies say tokenization of the fund will streamline order processing, expand access to new investor channels, and enable 24/7 trading.
Amundi said the fund holds short-term, high-grade euro-denominated bonds, mainly consisting of short-term financial instruments and overnight spot contracts with European sovereigns.
The company manages about 2.3 trillion euros ($2.6 trillion) in assets and serves more than 100 million individual customers, according to its website. Amundi is based in Paris, France.
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BlackRock and Franklin Templeton drive growth in tokenized funds
Tokenized money market funds that invest in US Treasuries expanded rapidly in 2025. BlackRock's on-chain money market products currently hold $2.3 billion in tokenized assets, while Franklin Templeton's money market funds hold more than $826 million in assets, according to data from RWA.xyz.
Tokenized US Treasury funds. sauce: RWA.xyz
Both funds are expanding across multiple blockchains. On November 12, Franklin Templeton announced that its tokenization platform has joined the Canton Network, allowing its money market funds to operate within a permissioned ecosystem built for financial institutions.
BlackRock has also expanded its tokenization funds beyond Ethereum, adding support for Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
The value of tokenized money market funds rose to $9 billion by the end of October from about $770 million at the end of 2023, according to a Bank for International Settlements preliminary report released Wednesday.
However, the report warns that the increasing adoption of tokenized Treasury portfolios as collateral could expose the financial system to new operational and liquidity vulnerabilities.
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