Amundi, Europe’s largest asset manager, has launched tokenized shares for its Amundi Core STOXX Europe 600 index fund on the Ethereum blockchain, with CACEIS providing the blockchain infrastructure. This development marks Amundi’s second collaboration with CACEIS on tokenization, following their prior work on a tokenized money market fund launched in November 2025.
The newly tokenized shares will coexist with the fund’s traditional shares, and the Amundi Core STOXX Europe 600 fund will continue to operate under its existing model, allowing investors to subscribe through conventional channels. The fund tracks the STOXX Europe 600 index, which represents 600 large, mid, and small-cap companies in developed European markets.
Amundi stated that it anticipates potential benefits from this initiative, including partial process automation, increased accessibility, faster settlement, and improved transparency. The company’s strategic goal is to gradually build a comprehensive suite of tokenized fund products for both institutional clients and digital platforms.
This move occurs amid European concerns about falling behind the United States in tokenized finance. In April, industry groups warned the EU about the need for regulatory easing and expanded scope within its DLT pilot regime. It is uncertain whether the tokenized shares will offer significant secondary market liquidity beyond transfers between qualified institutions, or if redemptions will deviate from traditional processes. If tokenized shares are restricted to transfers between qualified institutions and redemptions remain traditional, blockchain’s benefits may be limited to ledger recording.
Replicating the stablecoin subscription mechanism from Amundi’s money market fund could create a complete on-chain transaction path for stock index funds. However, regulatory limits within the EU’s DLT pilot regime could confine such products to a sandbox, hindering scalability. To potentially compete with the US market, which has seen significant growth in tokenized stocks, Europe may need to facilitate secondary market trading of these tokenized shares.
The tokenization of index funds is viewed as a gradual step within a stable framework. Amundi’s choice to tokenize an index fund, rather than individual stocks, is a strategic approach to simplify legal relationships and avoid potential controversies.
Tokenizing index fund shares presents complexities, requiring the synchronization of rights and obligations with traditional shares, including shareholder registers, dividend distributions, and corporate actions. CACEIS’s role is critical in integrating these tokenized shares back into the existing fund administration system.
The full realization of blockchain benefits like enhanced transparency and faster settlement is contingent on factors such as secondary market liquidity and the nature of redemption processes. The potential for stablecoin subscriptions to create a seamless on-chain transaction path is a key area of interest for the European asset management industry.
In related market developments, the total value of tokenized stocks reached $4.24 billion on November 4th, with a nearly 27% increase over 30 days, though the top products are linked to US companies. Amundi’s previous tokenized money market fund was launched in November 2025. Other recent tokenization activities include SoFi’s tokenized deposits, BlackRock’s collaboration on tokenized funds in Japan, and JPMorgan Chase’s tokenized money market fund.
Why This Matters
Amundi’s tokenization of its STOXX Europe 600 index fund on Ethereum represents a strategic step in integrating traditional asset management with blockchain technology, navigating regulatory landscapes and market competition. It is uncertain whether the tokenized shares will offer secondary market liquidity beyond transfers between qualified institutions.
Broader Context
Amundi previously launched a tokenized euro money market fund on Ethereum in November 2025, signaling a gradual approach to tokenization within the European asset management sector.
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