BNP Paribas Launches Ethereum Money Market Pilot

Updated on: February 21, 2026

BNP Paribas Asset Management has issued a tokenized share class of a French domiciled money market fund using the public Ethereum blockchain.

Key Takeaways

BNP Paribas Asset Management launched a tokenized share class of a French money market fund on the public Ethereum network.
The pilot used a permissioned access model, limiting transfers and holdings to authorized participants.
The initiative was conducted as a controlled intra group experiment to test end to end blockchain fund processes.
The move builds on BNP Paribas’ earlier private blockchain tokenization project in Luxembourg.

What Happened?

BNP Paribas Asset Management has introduced a tokenized share class of an existing French domiciled money market fund, marking its latest step into public blockchain infrastructure. The tokenized shares were issued on the Ethereum network through BNP Paribas’ AssetFoundry platform under a permissioned model that restricts participation to eligible investors.

The pilot was structured as a one off intra group experiment designed to test new operational processes across issuance, transfer agency, tokenization, and blockchain connectivity within a regulated framework.

⚡️BNP PARIBAS ISSUES TOKENIZED SHARES ON ETHEREUM

BNP Paribas issued tokenized shares via its AssetFoundry™ platform using a permissioned model on Ethereum.

The move follows earlier experiments with SWIFT onchain and Allfunds Blockchain. pic.twitter.com/vwKaOq5zri
— Coin Bureau (@coinbureau) February 21, 2026

Testing Public Blockchain in a Regulated Framework

The new issuance represents BNP Paribas’ second tokenized money market fund initiative. Previously, the firm issued a tokenized fund in Luxembourg using private blockchain infrastructure. This time, the project shifted to the public Ethereum network, while maintaining strict controls through permissioned tokens.

Under this model, holdings and transfers are restricted to authorized participants, ensuring compliance with regulatory requirements while benefiting from the resilience and broad adoption of public blockchain infrastructure.

According to the official announcement, the initiative was conducted as a one off, limited intra group experiment, enabling BNP Paribas to test new end to end processes, from issuance and transfer agency to tokenisation and public blockchain connectivity, within a controlled and regulated framework.

Roles Across the BNP Paribas Group

The project leveraged BNP Paribas’ integrated operating model across multiple business units:

BNP Paribas Asset Management acted as fund issuer
BNP Paribas Securities Services served as transfer agent and fund dealing services provider
BNP Paribas CIB’s AssetFoundry platform provided tokenization and blockchain connectivity
Securities Services also handled wallet setup and custody of private keys during the pilot

Edouard Legrand, Chief Digital and Data Officer at BNP Paribas Asset Management, said:

“

BNP Paribas Asset Management is committed to driving innovation that will ultimately benefits our clients. This second issuance of tokenised money market funds, this time using public blockchain infrastructure, supports our ongoing efforts to explore how tokenisation can contribute to greater operational efficiency and security within a regulated framework.

Julien Clausse, Head of AssetFoundry at BNP Paribas CIB, added:

“

BNP Paribas’ AssetFoundryTM platform delivers key digital assets capabilities, from tokenisation to network connectivity and wallet related functionalities within a controlled setup. This initiative allows us to better understand the operational and governance implications of tokenisation for money market funds.

Paul Daly, Head of Distribution Product Solutions at BNP Paribas’ Securities Services business, stated:

“

BNP Paribas’ Securities Services business transforms innovation into tangible value for our clients. By acting as transfer agent and leveraging the Group’s tokenisation infrastructure, we deliver a streamlined and secure operational setup that supports fund processes enabled by public blockchain infrastructure, within a regulated and permissioned context.

Why Money Market Funds?

Money market funds play a central role in liquidity management for corporate and institutional investors. Tokenization is being explored across the financial sector as a way to enhance fund issuance and distribution models.

For money market funds specifically, tokenization could provide:

More flexible processing of fund related operations
Reduced reliance on traditional batch based processing
Improved operational efficiency
Maintained regulatory safeguards

The pilot also comes as BNP Paribas continues to expand its footprint in institutional blockchain initiatives. The bank has been active in digital asset experimentation, including participation in broader industry projects exploring stablecoin issuance and blockchain based financial infrastructure.

CoinLaw’s Takeaway

In my view, this is not just another blockchain test. I see this as a serious signal that major banks are becoming more comfortable with public blockchain infrastructure. The fact that BNP Paribas moved from private blockchain experiments to Ethereum shows growing confidence in public networks when paired with permissioned controls.

From my experience covering tokenization trends, money market funds are one of the most practical starting points. They are highly structured, heavily regulated, and widely used by institutions. If tokenization works here, it creates a strong case for broader adoption across traditional finance.

This pilot may look technical on the surface, but it reflects a deeper shift in how global banks are thinking about digital assets.