Amundi, Europe’s largest asset manager by assets, has expanded its push into tokenized securities by launching a tokenized share class of its STOXX Europe 600 equity index fund on Ethereum. The move signals a shift from tokenized cash-like products toward tokenized exposure to a broad basket of European stocks.
In a Thursday announcement, Amundi said the new share class was issued on Ethereum in collaboration with CACEIS, which supplied the tokenization infrastructure. The fund remains available through traditional investment channels, while Amundi positions tokenization as a way to improve accessibility, settlement speed, and operational efficiency for institutional clients and digital platforms.
Key takeaways
- Amundi has issued a tokenized STOXX Europe 600 equity index fund share class on Ethereum, expanding tokenized offerings beyond money market products.
- CACEIS provided the tokenization infrastructure, while Amundi said the fund continues to be distributed via standard investment channels.
- The index tracks 600 large-, mid- and small-cap companies across developed European markets.
- Market data cited by RWA.xyz shows rapid growth in tokenized stocks globally, but the biggest products are still concentrated in US-related assets.
- European firms continue to lobby for faster regulatory and eligibility reforms to help the bloc compete with US tokenization momentum.
A tokenized equity index on Ethereum
The new product is linked to the STOXX Europe 600 Index, a benchmark designed to provide exposure to a wide range of established European companies. Amundi’s announcement highlights that the index covers 600 large-, mid- and small-cap stocks across developed markets in Europe.
For investors, the practical significance is that the tokenized structure is being applied not to a narrow single-name security, but to an index representing broad market exposure. That can make tokenized wrappers more relevant for institutions and platforms looking to implement diversified strategies without having to rely on bespoke issuance for each underlying asset.
Amundi also said it plans to develop additional tokenized funds for institutional clients and digital platforms. While the announcement does not detail specific next launches, it frames tokenization as an operational upgrade—particularly around faster settlement and improved access—rather than as a standalone trading product.
This new equity index share class follows Amundi’s earlier entry into tokenized funds: in November 2025, it introduced its first tokenized euro money market fund share class on Ethereum. That earlier product was also developed in collaboration with CACEIS.
Taken together, the sequence suggests Amundi is expanding its tokenization roadmap in stages—moving from cash-like instruments, where tokenization can streamline lifecycle operations, toward more complex equity exposure. The difference matters: equities introduce a different set of market mechanics and operational considerations compared with money market instruments, even when tokenization is intended to improve settlement and reduce friction.
Tokenized equities are growing—US exposure still dominates
Amundi’s launch arrives during a broader push into tokenized securities, and tokenized equities are showing strong momentum. According to data from RWA.xyz cited in the announcement, the value of tokenized stocks reached $4.24 billion as of Wednesday, Nov. 4. The same data set shows the figure is up nearly 27% over the preceding 30 days.
RWA.xyz data also indicates that the largest tokenized equity products by value are heavily concentrated in US-related assets. The platform’s 10 largest tokenized equity products by value were all tied to US companies or US-listed securities, including offerings associated with Securitize, SpaceX, Circle, and Alphabet.
For European investors and issuers, this concentration highlights both an opportunity and a gap: even as tokenized equities grow quickly, the leading liquidity and product depth appear to be clustered where US tokenization initiatives have scaled fastest. Amundi’s equity index launch can be read as an effort to broaden that geography of tokenized access, at least for investors who want diversified exposure to European markets.
Europe’s regulatory race remains a central challenge
The product launch also lands amid continuing regulatory debate over how quickly Europe can modernize its rules for tokenized finance. Earlier coverage noted that European financial firms have pressed regulators to accelerate reforms to help the region compete with the US in tokenized markets.
In April, a coalition of 39 companies and industry groups warned that the EU risked falling behind the US in tokenized finance. The group urged changes including expanded asset eligibility, higher volume limits, and the removal of time restrictions on licenses under the EU’s Distributed Ledger Technology (DLT) Pilot Regime.
Amundi’s equity tokenization step underscores why those reforms matter. Issuers typically need not only technical infrastructure, but also clear pathways for scaling issuance and distribution across jurisdictions. With the EU still working through policy constraints, competition for dominance in tokenized securities may remain uneven—at least until eligibility and licensing conditions become more permissive.
For now, what’s clear is that the technology and issuance capabilities are advancing within Europe, but the rate at which institutions can expand offerings may depend on regulatory outcomes that are still in flux.
Investors watching this space should track whether Amundi’s broader tokenized fund roadmap translates into more equity-linked products, and whether EU regulatory reforms—including DLT Pilot Regime updates—allow tokenized securities activity to scale beyond initial launches and smaller proof-of-concept phases.
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