Europe’s Largest Asset Manager Amundi Tokenizes Equity Index Fund on Ethereum

Amundi has issued a tokenised share class of its Amundi Core STOXX Europe 600 equity index fund on public Ethereum, with CACEIS supplying the technology that turns fund units into tokens. It is the first time the manager has pushed tokenisation past cash funds and into an index strategy.

For a holder, the practical change is small. Amundi says the new share class is fully integrated into the fund's existing operating model, and the fund is still sold through traditional channels. The same strategy now has a second wrapper: units recorded on a public blockchain as well as on the transfer agent's books.

What Amundi did not disclose is how much money the tokenised share class holds. No source read for this article gives its size, which makes this a capability rather than a measured flow.

€2,579 Billion in Assets, One Tokenised Share Class

Amundi's own site lists €2,579 billion in assets under management, which is the number that separates this from the usual tokenisation pilot. The fund getting the blockchain wrapper is a core European equity strategy the firm describes as a building block for portfolio allocation. Its benchmark, the STOXX Europe 600, covers 600 large-, mid- and small-cap companies across developed European markets.

Sizing the fund itself takes a second source. One industry report on the launch put assets in the underlying Core STOXX Europe 600 sub-fund at €22.8 billion, describing it as the sub-fund behind one of Europe's most widely held equity ETFs. Amundi's release does not state the fund's assets, so treat that €22.8 billion as reported rather than confirmed. The same report called this the first large European equity index fund to add a blockchain-based share class; Amundi makes no such claim.

Cash Funds First, Then Index Funds

Amundi's first tokenised share class was for a money market fund, AMUNDI FUNDS CASH EUR, also built with CACEIS on Ethereum. The firm says that work came alongside subscription via stablecoins and partnerships with digital players, large corporates and financial institutions.

Index investing is the harder case. A money market fund has a stable, simple net asset value; an equity index fund is priced daily and settles through the same chain of custodians and transfer agents as any other fund. Amundi argues tokenisation helps with the automation of certain processes, accessibility, faster settlement and transparency, and says it intends to build a range of tokenised funds for institutional clients and digital platforms.

Tokenized Stocks Are Almost Entirely American

RWA.xyz data puts the value of tokenized stocks at $4.24 billion as of 4 November, up nearly 27% over the previous 30 days. The ten largest tokenized equity products by value were all tied to US companies or US-listed securities.

That is the gap Amundi is stepping into: a European equity index, run by a European manager, under European fund rules. In April, a coalition of 39 companies and industry groups warned the EU risked falling behind the US in tokenised finance, asking for broader asset eligibility, higher volume limits and an end to time restrictions on licences under the bloc's DLT Pilot Regime.

What Would Turn This Into a Flow Story

The next datapoint is size. If Amundi publishes assets or subscriptions for the tokenised share class, the launch becomes a number to compare against the $4.24 billion tokenized stock market and against its own cash fund.

Until then the open questions are straightforward: whether institutional buyers use the token wrapper or stay on traditional rails, whether CACEIS signs other managers onto the same infrastructure, and whether Brussels changes the DLT Pilot Regime in a way that lets products like this scale. Amundi has said it plans to build more of them.