TLDR
- BNP Paribas issued tokenized fund shares on public Ethereum network.
- The pilot used a permissioned access model for compliance control.
- The project tested end to end issuance and transfer processes.
- The initiative followed a prior private blockchain fund launch.
BNP Paribas taps Ethereum for a new money market fund tokenization pilot, marking its latest blockchain test. The bank issued a tokenized share class of a French domiciled money market fund on the public Ethereum network.
The project was conducted as a one off intra group experiment. It allowed the bank to test blockchain based fund issuance within a regulated structure.
Shift From Private to Public Blockchain
BNP Paribas Asset Management previously issued a tokenized money market fund in Luxembourg. That earlier project used private blockchain infrastructure. The new pilot moved to the public Ethereum network.
Despite using a public blockchain, access remained restricted. The bank applied a permissioned access model. Holdings and transfers were limited to eligible and authorized participants.
⚡️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
According to the company statement, the structure ensured compliance with regulatory requirements. At the same time, it allowed the firm to use Ethereum’s resilience and network scale. The shares were issued onchain through the AssetFoundryTM platform.
The bank stated that the experiment tested new processes. These processes included issuance, transfer agency, tokenization, and public blockchain connectivity. The framework remained controlled and regulated throughout the pilot.
Controlled Access Through Permissioned Tokens
Under the permissioned model, only approved participants could hold or transfer the tokenized shares. This approach aimed to align blockchain use with existing fund regulations. It also ensured oversight of transactions.
BNP Paribas Asset Management acted as the fund issuer. BNP Paribas Securities Services operated as transfer agent and dealer. Both entities worked within the group structure during the trial.
The company described the initiative as limited and intra group. It was designed to assess operational processes rather than launch a broad market product. The test covered the full lifecycle of the tokenized shares.
Edouard Legrand, Chief Digital and Data Officer at BNP Paribas Asset Management, commented on the project. He said, “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.”
Broader Blockchain Strategy
BNP Paribas has continued to explore blockchain applications across its operations. The bank previously referred to its Luxembourg issuance with Allfunds Blockchain as the first natively tokenized money market fund.
The group is also involved in other blockchain initiatives. Reports indicate participation in efforts to bring the Swift financial messaging network onchain. One such experiment focuses on Ethereum Layer 2 network Linea.
In addition, BNP Paribas is said to be part of a joint bank project. That group includes major global banks and is exploring the issuance of a stablecoin.
The latest Ethereum pilot reflects continued testing of tokenization models. It combines public blockchain infrastructure with controlled participant access. The bank used the pilot to assess efficiency, security, and operational flow within a regulated environment.
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