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Europe’s largest asset manager Amundi has launched tokenized shares in its €5.57 billion ($6.5bn) AMUNDI FUNDS CASH EUR money market fund, but the offering may carry higher risk than web3 rival Spiko – despite Amundi’s brand advantage and their shared infrastructure provider CACEIS.
Amundi, which manages €2.3 trillion ($2.7tn) in assets, partnered with CACEIS for the solution, with the first transaction taking place on 4 November. The asset manager sees the key benefits of tokenized MMFs as instant order execution, expanded distribution to new generations of investors, and 24/7 operability. “With the new hybrid Transfer Agent service, our clients can quickly and easily benefit from a new distribution channel via blockchain to their investors,” said Jean-Pierre Michalowski, CEO at CACEIS, noting that the eventual goal includes 24/7 subscriptions and redemptions settled using stablecoins or CBDCs.
The competitive dynamic is complicated by existing relationships. While Amundi is a listed company, Credit Agricole owns more than two thirds of its stock. CACEIS is another Credit Agricole subsidiary (100% owned) and already has significant experience in tokenization – it partnered with startup Spiko to offer natively digital money market funds to CACEIS clients. Since launching in June 2024, Spiko now manages €550 million ($636m) in assets, with almost 70% invested in Spiko Euro.
The question is whether Amundi’s brand will draw investors away from Spiko, or whether differences in fund structure, risk profile, and returns will matter more to institutional and retail clients navigating this emerging market.
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