France’s largest bank, BNP Paribas, is bringing six new exchange-traded cryptocurrency securities (ETNs) pegged to Bitcoin and Ethereum to its exchange in France, starting tomorrow, March 30, according to a recent report. advertisement.
Exchange-traded notes (ETNs) are tradable debt products that give investors exposure to the underlying markets by tracking indices. They provide liquid and diversified exposure without direct ownership, although investors face issuer credit risk and potential market losses.
ETNs were introduced under MiFID II, which is designed to enhance transparency, standardize market operations and protect investors, allowing millions of retail investors and private banking clients to gain indirect exposure to crypto assets without directly purchasing or holding the underlying currencies.
At launch, products from vetted asset managers will be available to various client segments, with a phased international rollout to follow.
As one of the early movers of blockchain technology and cryptocurrencies, BNP Paribas has tested blockchain use cases in areas such as trade finance and securities settlement, formed partnerships with fintech and blockchain companies, and has shown interest in developing digital asset services for institutional clients.
The group also supported ongoing research into how these innovations could reshape financial markets.
BNP Paribas is part of Qivalis, a consortium of major European banks that is developing a euro-pegged stablecoin for institutional and cryptocurrency use. The initiative targets a launch in late 2026 under MiCA rules.
BNP Paribas has issued a money market fund token on Ethereum
BNP Paribas recently experimented with tokenizing a class of money market fund shares on the public Ethereum infrastructure.
Based on a permissive model, the initiative restricts access to eligible participants while remaining compliant with regulatory standards. The in-group trial aims to evaluate the new operational workflow and explore how tokenization can improve the issuance and distribution of funds.
Investing in French retail
The retail investment base in France has grown significantly in recent years. Nearly 2.5 million French retail investors will participate in stock market trading during 2025, with an estimated 1.6 million new entrants joining the country’s stock markets over the previous three years.
If even a small portion of the nearly €2 trillion of liquid savings held by French households were directed toward these new instruments, the capital consequences for Bitcoin and Ethereum order books could be significant.
