Amundi on Thursday announced that it has launched its first tokenized share class, marking a step into blockchain-enabled fund distribution for Europe’s largest asset manager.
The firm said the first transaction for the Amundi Funds Cash EUR – J28 EUR DLT (C) share class took place on November 4. This means the Luxembourg-domiciled money market fund will now be distributed in a hybrid format, remaining available through traditional channels while also offering access via a tokenized share recorded on the public Ethereum blockchain.
“The tokenization of assets is a transformation set to accelerate in the coming years around the world,” said Jean-Jacques Barbéris, head of institutional and corporate clients and ESG at Amundi, in a statement. “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.”
Luxembourg framework
Luxembourg in 2024 introduced a new legal framework that makes it possible to tokenize investment funds, a measure made possible also thanks to the EU’s Market in Crypto Assets directive, known as MiCA. Legal specialists have heralded the grand duchy’s approach as a clear and secure framework.
Several other asset managers have since then launched blockchain-based investment funds of their own, including Franklin Templeton, Hamilton Lane, and Apex Group. Supervisor CSSF has underlined the importance of a so-called control agent as a new role created to ensure that the use of distributed ledger technology (DLT) in managing securities remains secure, transparent and legally compliant.
Amundi said it has developed its project in partnership with Caceis, the European asset-servicing group and a major transfer agent. Caceis provides the technology and infrastructure for the tokenized fund units, including digital wallets for investors and a blockchain-based order platform for subscriptions and redemptions.