📰 What happened — what the news is about
Amundi — one of the largest asset managers in Europe — launched a class of tokenized shares of its euro money market fund (“Amundi Funds Cash EUR”) on Ethereum.
This tokenized version coexists with the traditional class of the fund: the fund does not change its strategy (it continues to invest in short-term sovereign debt, repos, etc.), it only changes the “platform”: investors can hold their shares as tokens on the blockchain.
The first 'on-chain' transaction of that kind was executed on November 4, 2025.
The service was developed in collaboration with CACEIS — a European financial services/custody/transfer-agent firm — which provides the infrastructure: digital wallets, platform for subscriptions/redemptions, and on-chain logic.
With this 'hybrid' model, investors gain access to a traditional regulated fund but with blockchain advantages: faster settlement, transparent on-chain record of ownership of the units, ability to operate 24/7 (depending on infrastructure), and traceability.
✅ Why it matters — implications for crypto and finance
This step by Amundi is not symbolic: it can mark a milestone in the convergence between traditional finance and blockchain. Some implications:
Bridge between traditional assets and blockchain ('tokenized RWAs'): it converts a money-market type fund into a tokenized asset on Ethereum. This represents a real integration of traditional assets (euros, sovereign debt) into a public blockchain.
Greater legitimacy for crypto infrastructure: that a large institutional manager uses Ethereum as a platform for regulated funds helps to reinforce crypto infrastructure as suitable for 'serious money', not just speculation.
More flexible, efficient, and inclusive access: investors who prefer 'on-chain' channels (crypto-natives, fintechs, new players) can participate without traditional intermediaries, while those who operate traditionally continue with the classic scheme — hybrid model.
Potential boost to the real asset tokenization (RWA) ecosystem: if this experiment is successful, it may encourage more managers, funds, tokenized assets (bonds, sovereign debt, real estate, etc.), expanding the use of blockchains as global financial distribution platforms.
Regulated innovation: As it comes from a regulated manager, with supervised custodians — this may attract institutional investors hesitant about crypto due to regulatory or custody issues.
⚠️ What to observe — risks, limitations, and what is not guaranteed
Although it is an important step, not everything that glitters is gold. There are several nuances:
Being tokenized does not mean it is 'speculative crypto': this fund remains a conservative money market, not a risky bet. Its yields and risks change little. The token only changes the form, not the substance.
Tokenization itself does not eliminate market risks: if the underlying assets of the fund (sovereign debt, repos, etc.) suffer, returns could decrease, as in a traditional fund.
Infrastructure: although Ethereum is widely used, they will still depend on external systems for custody, redemption, and regulatory compliance. Public blockchains do not guarantee anonymity or absence of regulations — on the contrary: this model may be subject to considerable supervision.
Adoption: success depends on how many investors decide to use the tokenized version. If few use it, it may remain a marginal experiment.
Liquidity and redemption: although interoperability and 'quick' settlement are promised, in practice it will depend on how well the platform and CACEIS manage the mechanism — especially in times of market stress.
