Amundi announced on Thursday that it has partially tokenized its first money market fund, a trend that Europe's leading asset manager expects to accelerate in the coming years.
In a statement released this morning, the French group said it relied on technology and infrastructure developed by Caceis, Crédit Agricole's securities custody subsidiary, to carry out the initiative.
Amundi also specified that it leveraged the expertise of its partner in digital portfolios, as well as its digital order platform for subscriptions and redemptions.
Through this initiative, the money market fund "Amundi Funds Cash Eur" will now be distributed in a hybrid manner, accessible both through traditional channels and via a tokenized portion.
By utilizing a distributed ledger system and the public Ethereum blockchain, the group says it is able to ensure secure and transparent custody of fund shares, as well as traceability of transactions.
The use of blockchain technology also brings a number of benefits for investors and fund distributors, enabling instant order execution, expanding distribution to new generations of investors, and offering 24/7 operability, the asset manager explained.
"The tokenization of assets represents a transformation that should accelerate in the coming years around the world," said Jean-Jacques Barbéris, Head of Institutional and Corporate Clients and ESG at Amundi, noting that the group plans to expand its tokenization initiatives both in France and internationally.
Caceis also reports placing significant emphasis on this faster new distribution channel.
"This is a decisive step toward achieving our goal of offering 24/7 operational services for subscription and redemption of investment fund shares payable in stablecoin (EMT) or central bank digital currency when it becomes available," said Jean-Pierre Michalowski, CEO of the entity.
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