01The deal: three institutions, one landmark transaction
| Amundi | CACEIS | Ant International | |
|---|---|---|---|
| Profile | Europe's largest asset manager, €2,300bn AUM | Crédit Agricole subsidiary, first French bank with a MiCA licence | International arm of Ant Group, on-chain treasury since 2019 |
| Role | Fund issuer, product design, regulatory structuring, EUR and USD share classes | Transfer and tokenisation agent, TradFi – DLT interface | First client: treasury pilot, real-time liquidity, Whale platform integration |
The deal builds on a memorandum of understanding signed in November 2025 between Amundi and Ant International to explore blockchain applications for treasury management and investment solutions.
02The product and how it works
- Investment orderAnt International's treasury submits a real-time instruction via the Whale platform.
- CACEIS processingCACEIS, as transfer agent, validates the order and triggers tokenisation on DLT.
- Token mintingTokenised shares are minted on-chain and instantly credited to Ant International's wallet.
- Liquidity managementThe tokens serve as an on-chain liquid reserve for intragroup payments and settlements.
- Redemption and settlementT+0 redemption capability, with proceeds settled back to the corporate treasury account.
$15.3bntokenised T-bills
May 2026, against $750m in January 2024.
+589%tokenised RWAs
Growth from H1 2025 to mid-2026 (Binance data).
€2,300bnAmundi
AUM of Europe's largest asset manager.
2019Ant International
Year it started using blockchain for treasury.
The competitive landscape for tokenised money market funds already includes BlackRock BUIDL, Franklin OnChain, Spiko with Amundi in France, an Amundi euro fund on Ethereum and SG-FORGE products.
03What the deal signals for transaction banking teams
- Corporate treasury goes on-chainReal-time intragroup liquidity through tokenised MMF shares is a blueprint for any multinational treasurer. Banks without tokenised money market or deposit token products will lose cash management mandates.
- Regulated infrastructure unlocks scaleCACEIS's dual MiCA licence is the critical enabler. Without regulated agents, tokenisation is a proof of concept; with them, it becomes a bankable product.
- 24/7 liquidity is the new standardThe stated objective, instantaneous and borderless money movement, redefines expectations: T+2 and banking hours are no longer competitive benchmarks.
- The Asia–Europe corridor as a test bedParis and Singapore / China define a key corridor for on-chain treasury; expansion to new markets and currencies is planned, subject to regulatory approval.
The objective is to build a future in which money movement will be instantaneous and borderless.Kelvin Li, General Manager Platform Tech and SVP, Ant International
Sources : Amundi / Ant International press release, 15 June 2026; OpenbanQ Advisory analysis.