Generali Investments launches tokenised share class in €13bn money market fund
Key points
- Generali Investments has launched a tokenised share class within the €13 billion Generali Money Market Fund, a Luxembourg fund managed by Generali Asset Management.
- At launch, the tokenised share class is restricted to other Generali group companies, with plans to widen availability gradually.
- The firm's COO explicitly frames money market fund tokenisation as a building block for more efficient collateral management and as infrastructure relevant to stablecoin issuers.
- European peers ahead of Generali in this space include Spiko ($2.7 billion AUM in tokenised UCITS funds launched 2024), Franklin Templeton (Luxembourg UCITS, early 2025), and Amundi (tokenised MMF share class, late 2025).
- Generali describes this launch as the first step toward a broader range of tokenised investment opportunities, signalling further product development is planned.
Generali Investments has introduced a digitally native share class within the Generali Money Market Fund, a Luxembourg-domiciled vehicle with €13 billion (approximately $15 billion) in assets managed by Generali Asset Management. At launch, access is confined to other companies within the Generali group, with a stated intention to broaden availability progressively and treat this as an opening move toward a wider suite of tokenised investment products.
The firm’s operating logic, as articulated by Chief Operating Officer Emiliano Di Giammatteo, centres on money market funds as a natural entry point because of their utility in collateral management across traditional capital markets and for stablecoin issuers. On that reading, the tokenised share class is positioned not merely as a distribution innovation but as infrastructure for a more programmable financial system.
Generali enters a European field that is already acquiring depth. French startup Spiko launched tokenised UCITS (Undertakings for Collective Investment in Transferable Securities) funds in 2024 and reports $2.7 billion in assets under management. Franklin Templeton launched a fully digital Luxembourg UCITS fund in early 2025, and Amundi, Europe’s largest asset manager, introduced a tokenised share class in one of its own money market funds in late 2025. Generali’s move adds further weight to what the source characterises as an accelerating pattern of activity in 2026.
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