Key Takeaways:
Three of Europe and Asia's largest financial institutions have put tokenised money market funds into production, marking a milestone in the real-world application of blockchain to institutional treasury management.
Amundi, Europe's largest asset manager with €2.4 trillion in assets, launched tokenised share classes of its Money Market Fund – Short Term for Ant International, using blockchain to enable real-time corporate treasury management across euros and dollars.
"We are delighted to support Ant International in this pioneering project and to further advance the real-world applications of tokenisation in investment solutions," said Fannie Wurtz, Deputy General Manager, Head of Client Group and Chair of Asia at Amundi. "This collaboration brings together leading institutions committed to innovation and to seizing opportunities emerging in the digital asset space."
The bespoke share classes, denominated in both euros and US dollars, were developed following a memorandum of understanding signed in November 2025. CACEIS, the European asset servicing leader holding €5.9 trillion in assets under custody and €3.7 trillion under administration, acts as transfer agent and tokenisation agent. Ant International, which has used blockchain for internal treasury management since 2019, is the initiative's first customer, deploying the solution for intra-group liquidity management.
The collaboration shifts tokenisation from pilot to production for one of the world's largest asset managers. If successful, it could reshape how global corporations manage cash — moving from batch-processed, time-zone-restricted treasury operations to 24/7 on-chain liquidity. The three parties are now exploring listing the fund on Whale, Ant International's internal blockchain treasury platform, and expanding to new markets and currencies, subject to regulatory approvals.
A Tripartite Model for On-Chain Treasury
The structure brings together distinct capabilities. Amundi contributes investment management and fund construction across its 5,400 professionals in 34 countries. CACEIS provides the operational backbone — tokenisation, transfer agency, and custody. Ant International supplies the blockchain infrastructure and a real-world treasury use case.
"Our goal is to build a future of instant, borderless money movement," said Kelvin Li, General Manager of Platform Tech and Senior Vice President at Ant International. "Having utilised blockchain for internal treasury management since 2019, we believe blockchain and AI can unlock real-time solutions for global corporate treasurers."
Jean-Jacques Barbéris, Deputy CEO of CACEIS, said the collaboration demonstrates the firm's "capacity to fully embrace the transformation at work in the financial industry at worldwide level."
What Tokenisation Unlocks for Corporate Treasurers
Traditional money market fund subscriptions and redemptions operate on T+1 or T+2 settlement cycles, creating friction for treasurers managing cash across time zones. Tokenised shares settle on-chain, enabling intra-day subscriptions and redemptions. For a company like Ant International, which moves money across dozens of markets, this reduces idle cash and improves yield on working capital.
The model also creates a template for other multinational corporations seeking to digitise treasury operations — a market that spans thousands of companies managing trillions in aggregate cash balances. Amundi and Ant International are exploring expanding the solution to new markets and currencies, though implementation remains subject to legal and regulatory approvals in each jurisdiction.
This article is for informational purposes only and does not constitute investment advice.
