Amundi has launched a tokenized share class for its flagship euro cash fund, giving investors blockchain-based access and enabling faster, around-the-clock trading.

The European asset-management giant announced Thursday that the Amundi Funds Cash EUR fund now operates in a hybrid model. Investors can opt for the traditional cash-settled share class or hold a tokenized version issued on the Ethereum (ETH) blockchain. The first transaction in the new structure was completed on Nov. 4.

Amundi developed the tokenized product in partnership with CACEIS, the European asset-servicing provider responsible for the digital wallets and blockchain platform that support subscriptions and redemptions.

Tokenization converts fund units into blockchain-registered records, offering accelerated settlement and enhanced transparency. “The fund uses distributed ledger technology and the public Ethereum blockchain to ensure transparent record-keeping of fund units and traceability of transactions,” the company said.

The initiative further cements Europe’s lead in the regulated tokenized-fund landscape. Asset managers across Luxembourg, France and Germany have already introduced blockchain-native investment products, helped by regulatory frameworks that clearly define how digital fund shares can be issued and maintained.

CACEIS noted that investors will eventually be able to purchase units using stablecoins or central bank digital currencies (CBDCs). “With the new hybrid Transfer Agent service, our clients can quickly and easily benefit from a new distribution channel via blockchain,” said CACEIS CEO Jean-Pierre Michalowski.

“This is a decisive step toward our goal of enabling 24/7 subscription and redemption of investment fund units, payable in stablecoins or, when available, CBDCs,” he added.