Amundi Puts a STOXX Europe 600 Fund Share Class on Ethereum

Amundi, Europe's largest asset manager by assets, has launched a tokenized share class of its STOXX Europe 600 equity index fund on Ethereum. The new class went live in collaboration with CACEIS, a European asset-servicing company that built the tokenization infrastructure. Amundi confirmed the launch in a Thursday announcement.

This is not a pilot stuck in a sandbox. It's a live share class of a fund tracking the STOXX Europe 600 Index, which covers 600 large-, mid- and small-cap companies across developed European markets. Investors get blockchain-based exposure to that basket, while the fund itself remains fully available through traditional investment channels. Amundi did not force a choice between the old rails and the new ones.

The move marks an expansion of Amundi's blockchain activity beyond cash-equivalent products. In November 2025, the firm introduced its first tokenized money market fund share class, also developed with CACEIS on Ethereum. An equity index product is a step further out the risk curve. Money market funds are short-duration and simple to service. A 600-company equity basket brings corporate actions, index rebalancing and valuation timing into the picture.

What does this change for institutions?

Plenty, potentially. Amundi said it plans to develop a broader range of tokenized funds for institutional clients and digital platforms, citing three concrete benefits: improved accessibility, faster settlement and greater operational efficiency. Those are process arguments, not yield arguments. Tokenized records can move ownership in minutes rather than days, and they can cut reconciliation work between custodians, transfer agents and fund administrators.

The choice of CACEIS matters here too. The asset servicer, part of the Crédit Agricole and Santander banking orbit, handles the plumbing rather than a crypto-native startup. That signals the launch leans on regulated, bank-grade infrastructure.

How big is the tokenized stock market?

The backdrop is one of rapid growth with a transatlantic skew. The total value of tokenized stocks reached $4.24 billion as of Wednesday, Nov. 4, up nearly 27% over the preceding 30 days, according to data from RWA.xyz. That is the on-chain record, and it shows momentum.

But the composition tells a sharper story. RWA.xyz's 10 largest tokenized equity products by value were all tied to US companies or US-listed securities, including Securitize, SpaceX, Circle and Alphabet. European issuers are effectively absent from the top tier. Amundi's launch is the first serious attempt by a continental giant to change that.

Is Europe moving fast enough?

European financial firms don't think so. In April, a coalition of 39 companies and industry groups warned that the EU risked falling behind the US in tokenized finance. The group called for three specific reforms to the bloc's Distributed Ledger Technology (DLT) Pilot Regime:

• Expanded eligibility for assets that can be tokenized
• Higher volume limits under the regime
• Removal of time restrictions on licenses

The DLT Pilot Regime is the EU's regulatory sandbox for trading and settling financial instruments on distributed ledgers. Its caps and sunset provisions were designed as training wheels. Critics argue they now function as ceilings, keeping large issuers like Amundi operating partly outside the framework's intended scope.

What comes next?

Amundi has said the tokenized STOXX Europe 600 share class is a beginning, not an endpoint. The firm's stated roadmap covers a broader range of tokenized funds aimed at institutional clients and digital platforms, built on the same Ethereum-and-CACEIS stack it has now used twice.

The market context adds urgency. Tokenized equities grew 27% in a month, US-linked products dominate the top 10 by value, and Brussels is under open pressure from 39 industry players to loosen the DLT Pilot Regime's limits. Whether EU regulators answer that call — and whether Amundi's follow-on funds arrive before US competitors lock in the institutional base — will shape the next phase of European tokenized finance.