Amundi has introduced a tokenized share class of its STOXX Europe 600 index equity fund on the Ethereum blockchain, moving the European asset management giant beyond the money market products that marked its first step into on-chain fund structures.
The Paris-based firm, the largest fund manager in Europe by assets, said the new class was issued with CACEIS, the European asset-servicing company that supplied the tokenization infrastructure along with custody, fund accounting and investment services. Investors can still buy the fund through conventional channels, and Amundi said it intends to build out a wider lineup of tokenized vehicles aimed at institutional clients and digital platforms.
The company pointed to better accessibility, faster settlement and operational efficiency as the main draws of the structure. The underlying index spans 600 large-, mid- and small-cap companies across developed European markets.
The launch follows Amundi's first tokenized money market fund share class, also built with CACEIS on Ethereum, which came to market in November 2025.
Tokenized equities have been expanding quickly worldwide, though the market remains lopsided. According to RWA.xyz, the total value of tokenized equity products stood at $4.24 billion as of Nov. 4, a gain of roughly 27% over the prior 30 days. The ten largest products by value were all tied to U.S. companies or U.S.-listed securities, with names including Securitize, SpaceX, Circle and Alphabet among them.
Note: Market value and growth figures from RWA.xyz.
In Europe, the regulatory backdrop has become a point of contention. In April, a group of 39 companies and industry associations warned that the EU could fall behind the United States in tokenized finance. The coalition asked regulators to widen the range of eligible assets, raise transaction volume caps and drop duration limits on licenses issued under the bloc's Distributed Ledger Technology Pilot Regime.
For Amundi, the equity share class tests whether tokenized wrappers can work outside the comparatively simple terrain of cash-like instruments, where redemption and valuation mechanics are more straightforward. A listed-equity index fund brings daily pricing, corporate actions and settlement cycles that put more strain on on-chain infrastructure.
The broader signal for the asset management industry is that tokenization is moving from pilot projects into core product lines at large incumbents. If Amundi's institutional clients take up the format, competitors may face pressure to offer comparable on-chain access. The concentration of existing tokenized equity value in U.S.-linked assets also suggests European issuers see room to capture demand domestically, provided the regulatory framework keeps pace.
