Europe’s Amundi Introduces Tokenized Share Class Leveraging the Ethereum Blockchain

Amundi has taken another step into blockchain-based finance with the launch of a tokenized share class for its euro cash fund, giving investors a new digital avenue for accessing the product and enabling near-real-time, around-the-clock settlement.

In a statement on Thursday, the asset-management heavyweight said its Amundi Funds Cash EUR vehicle will now operate in a dual format. Investors may continue purchasing the traditional share class with cash, or choose a tokenized version issued on the Ethereum (ETH) blockchain. The first transaction using the new structure went through on Nov. 4. The initiative was built in partnership with CACEIS, which provides the digital wallets and blockchain infrastructure used for processing subscriptions and redemptions.

Transforming fund units into blockchain-based tokens allows for faster settlement and greater operational transparency. “The fund uses distributed ledger technology and the public Ethereum blockchain to ensure transparent record-keeping of fund units and traceability of transactions,” the announcement noted.

The rollout reinforces Europe’s early lead in regulated tokenized investment products. Asset managers in France, Luxembourg and Germany have been issuing blockchain-native fund units for several years, supported by regulatory guidance that clarifies how digital shares can be held, transferred and recorded.

CACEIS added that the fund is being designed to eventually support purchases made via stablecoins or central bank digital currencies (CBDCs). “With the new hybrid Transfer Agent service, our clients can access a streamlined blockchain distribution channel for their investors,” said CACEIS CEO Jean-Pierre Michalowski.

He added that the initiative marks an important milestone toward offering uninterrupted, 24/7 subscriptions and redemptions for fund units settled in stablecoins or—once available—CBDCs.