Tokenization in Asset Management: Amundi Between Real Tests and Limitations

During the Paris Blockchain Week, one of the central themes was the role of tokenization in the evolution of asset management. In the fireside chat with Jean-Jacques Barbéris from Amundi, a pragmatic approach emerged: the sector is not yet beyond the experimental phase, but it is rapidly accelerating.

The presentation provided a realistic snapshot of the current state of tokenization in the institutional world, highlighting both the opportunities and the structural limitations still present.

Tokenization: a transformation still in the learning phase

Barbéris highlighted a key point: despite the progress, the sector has not yet moved beyond the proof-of-concept phase.

According to Amundi, tokenization should be viewed as an evolution of the financial system’s “memory.” The historical reference made during the speech recalls the dematerialization of securities in the 1980s: today, blockchain represents a similar transition, but with a different infrastructure.

The current objective is therefore clear:

testing

learn

gradually implement on-chain solutions

Amundi, in this context, has already conducted issuances on blockchain in recent months, including tests on Ethereum and Stellar.

What Institutional Clients Really Want

A crucial point that emerged is that customer demand does not directly concern cryptocurrencies.

For corporate and institutional clients, the interest is directed towards the underlying technology, not the crypto assets. In particular, three main areas of interest emerge:

1. Liquidity Management and Digital Treasury

Companies are seeking tools to manage liquidity in digital form, with features such as:

digital wallets for cash allocation

internal transfers between multinational entities

access to financial instruments without traditional intermediaries

2. Operational Efficiency

Blockchain is seen as a means to achieve:

instant settlement

24/7 operations

reduction of settlement costs

3. Distribution and Accessibility of Funds

Tokenization allows for the fractionalization of assets, with a direct impact on distribution:

access to products previously reserved for high-ticket clients

possibility to invest with minimal amounts (e.g., 1 euro instead of 10,000)

Tokenization of Funds: Where We Stand Today

An important clarification concerns the current state of tokenization.

In Europe, according to Barbéris:

existing fund shares are being tokenized

not the underlying assets

This means that:

the fund remains “off-chain”

the digital representation is only of the shares

The next step — not yet implemented — will be the tokenization of the underlying assets.

Stablecoins and Access to Funds: A Model Still Open

Currently, access to tokenized funds occurs through traditional currency.

There is still no full integration with:

stablecoin

digital representations of cash

According to Barbéris, the future will likely be hybrid:

integration between fiat and stablecoin

opening to various payment models

There is not yet a dominant standard, and the market is in an exploratory phase.

Liquidity: The Myth of Tokenization

One of the most significant insights concerns the topic of liquidity.

Barbéris was clear: tokenization does not automatically make illiquid assets liquid.

Implicit example:

an illiquid asset remains so even if fractionalized or digitized

the presence of buyers and sellers remains essential

Therefore:

the illiquidity premium will continue to exist

technology does not change market fundamentals

Impact on Financial Infrastructure

The real transformation concerns the infrastructure.

The transition to on-chain systems implies:

review of settlement processes

impacts on clearing and trading

changes in operational models

The adoption of instant settlement, for example, has profound implications on:

market organization

risk management

post-trade processes

Europe and Collaboration Among Operators

Another emerging topic is the role of Europe.

According to Barbéris:

the asset management industry is fragmented

a global unification is unlikely

However:

there are coordinated initiatives at the European level

French authorities are promoting working groups

The objective is:

define common standards

promote adoption

Tokenization and ESG: Two Distinct Topics

A significant aspect concerns the relationship between tokenization and ESG.

Barbéris clearly distinguished:

Bitcoin → environmental issues

blockchain → separate technology

The conclusion:

one must not confuse crypto assets with technological infrastructure

ESG implications vary depending on the use case

Amundi’s Priorities

The next phases for Amundi are three:

Consolidate existing projects

Tokenize new fund shares (especially monetary)

Explore integration with digital payment tools

Simultaneously:

participation in European projects

tests on short-term assets and financial instruments

Education and the “learning by doing” approach

Finally, a key point: no one is truly “educating” the market.

According to Barbéris:

even the operators are still learning

the process is collaborative with clients

The approach is:

joint experimentation

continuous feedback

iterative development

Conclusion

Tokenization in asset management is in an initial yet tangible phase. Amundi does not speak of a revolution already accomplished, but of a gradual path made up of tests, evolving infrastructures, and growing demand.

The main message is clear: the technology is promising, but the market fundamentals remain unchanged.

7. FAQ

What is tokenization in asset management? It is the digital representation on blockchain of financial instruments, such as fund shares.

Has Amundi already implemented tokenization? Yes, it has conducted tests and issuances on blockchain, including Ethereum and Stellar.

Do institutional clients want crypto assets? No, they are primarily interested in the technology and operational benefits.

Does tokenization make assets more liquid? Not necessarily: liquidity always depends on the presence of supply and demand.

Can stablecoins be used to invest in tokenized funds? Not widely yet: it is a future possibility still in the testing phase.