Amundi, Europe's leading asset manager, announces the launch of its first tokenized share of the AMUNDI FUNDS CASH EUR money market fund. The first transaction took place on November 4th, and the fund is now distributed in a hybrid manner: it remains accessible in the traditional way and via the tokenized share AMUNDI FUNDS CASH EUR - J28 EUR DLT (C).
The fund uses distributed ledger technology and the public Ethereum blockchain to ensure transparent record-keeping of fund units and traceability of transactions.
This launch illustrates a partnership with CACEIS, a major player in asset servicing in Europe and one of the European leaders in transfer agent activities. CACEIS provides the technology and infrastructure for tokenizing fund units, digital portfolios for investors, and the digital order platform for subscriptions and redemptions.
The use of blockchain technology brings several benefits for investors and fund unit distributors: instant order execution, expanded distribution to new generations of investors, and 24/7 operability.
Jean-Jacques Barbéris, Head of Institutional and Corporate Clients, and ESG at Amundi, said: "The tokenization of assets is a transformation set to accelerate in the coming years around the world. 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."
Jean-Pierre Michalowski, Chief Executive Officer at CACEIS, said: “With the new hybrid Transfer Agent service, our clients can quickly and easily benefit from a new distribution channel via blockchain to their investors. This is a decisive step towards achieving our goal of offering 24/7 subscription and redemption services for investment fund units payable in stable coins (EMT) or central bank digital currency when it becomes available.”
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