Amundi Challenges BlackRock’s ‘BUIDL’ with Euro-Denominated Tokenized Fund

Amundi, Europe’s largest asset manager with €2.2 trillion in AUM, has formally entered the on-chain finance race, launching the first tokenized share class of a Euro-denominated money market fund on the public Ethereum blockchain.

The move marks a strategic effort to establish a “Euro-Standard” for Real World Assets (RWA), countering the dominance of US dollar-pegged products from rivals like BlackRock and Franklin Templeton.

The tokenized share class, Amundi Funds Cash EUR, a Luxembourg-domiciled product, now exists in a hybrid model, as per a release. Investors can subscribe and redeem fund units either through traditional channels or directly on-chain.

The first transaction of this share class was recorded on November 4, 2025. This was Amundi’s first live use of blockchain for fund bookkeeping.

Amundi’s technology partner CACEIS, a major European asset-servicing group, will provide DLT-based investor wallets, a digital order management platform, and real-time subscription and redemption capabilities.

CACEIS Ethereum allows transparent record-keeping of fund units and traceability of transactions alongside near-instant order execution and 24/7 access to subscriptions and redemptions.

Tokenizing a money market fund also offers other structural advantages like improved distribution via digital-native channels, streamlined back-office processes, and broader investor reach.

It is important to note that economically, the tokenized and traditional units track the same portfolio beneath, consisting of high-quality, short-term euro-denominated instruments such as money-market securities and overnight repos with European sovereigns.

Moreover, by the Bank for International Settlements (BIS), the RWA sector grew from $770 million in late 2022 to $9 billion by October 2025.

However, the BIS has cautioned that as tokenized Treasury and cash-equivalent funds begin serving as collateral, they may introduce new operational risks, liquidity mismatches, and inter-chain settlement complications.

Last month, Amundi revealed it is preparing to launch its first Bitcoin ETNs in early 2026. Analysts expect Amundi’s entry into the crypto ETN market to bring stronger institutional legitimacy to Bitcoin in Europe, a scalable, regulated path for professional investors and boost Europe’s crypto ETP market.

The firm views Bitcoin as a macro hedge, an inflation-resilient asset, and a diversification tool.