Amundi has launched a tokenized share class of its STOXX Europe 600 equity index fund on Ethereum, marking the first major European equity index fund tokenization by the continent's largest asset manager. The share class, developed with CACEIS, tracks 600 companies across developed European markets and will remain available through traditional channels.
Key Takeaways
- Amundi launched tokenized STOXX Europe 600 equity index fund share class on Ethereum with CACEIS infrastructure
- First major European equity index fund tokenization by continent's largest asset manager (€2T+ AUM)
- Global tokenized equities market reached $4.24B value, up 27% in 30 days, but top 10 products all US-linked
- 39 European firms urged EU to expand DLT Pilot Regime: broader asset eligibility, higher volume limits, no license time limits
- Amundi plans broader tokenized fund range for institutional clients following November 2025 money market fund tokenization
Executive Intelligence Brief
Tokenized Share Class Structure and Infrastructure
The new share class was issued on Ethereum in collaboration with CACEIS, a European asset-servicing company that provided the tokenization infrastructure. The fund tracks the STOXX Europe 600 Index, which covers 600 large-, mid- and small-cap companies across developed European markets. Amundi said it plans to develop a broader range of tokenized funds for institutional clients and digital platforms, citing potential improvements in accessibility, settlement speed and operational efficiency.
The launch follows the asset manager's introduction of its first tokenized money market fund share class in November 2025, also developed with CACEIS on Ethereum. That initial foray focused on short-term liquidity instruments; the equity index fund represents a significant expansion into core long-term portfolio allocations.
Market Context: US Dominance in Tokenized Equities
Amundi's move comes amid rapid growth in the global tokenized equities market, although the largest products remain concentrated in US-related assets. The value of tokenized stocks reached $4.24 billion as of Wednesday, Nov. 4, up nearly 27% over the past 30 days, according to RWA.xyz data. The platform's 10 largest tokenized equity products by value were all tied to US companies or US-listed securities, including Securitize, SpaceX, Circle and Alphabet.
This US concentration underscores a competitive gap that European firms are seeking to address through both product innovation and regulatory advocacy. The STOXX Europe 600 tokenization provides European investors with blockchain-based exposure to a broad regional benchmark rather than individual US equities.
Regulatory Pressure and the DLT Pilot Regime
European financial firms have pressed regulators to accelerate reforms. In April, a coalition of 39 companies and industry groups warned that the EU risked falling behind the US in tokenized finance, calling for expanded asset eligibility, higher volume limits and the removal of time restrictions on licenses under the bloc's Distributed Ledger Technology (DLT) Pilot Regime.
The regime, designed to test blockchain-based trading and settlement of financial instruments, currently operates with constraints that industry participants argue limit scalability. Amundi's launch — executed by Europe's largest fund manager — adds institutional weight to demands for a more permissive framework.
Forward Outlook: Product Pipeline and Regulatory Trajectory
Amundi signaled intentions to develop a broader range of tokenized funds for institutional clients and digital platforms. The firm cited potential improvements in accessibility, settlement speed and operational efficiency as key drivers. No specific timeline or asset class targets were disclosed.
Simultaneously, the European Commission and national regulators face mounting pressure to revise the DLT Pilot Regime's parameters. The 39-firm coalition's April intervention highlighted three specific asks: expanded asset eligibility beyond current scope, higher volume limits to accommodate institutional ticket sizes, and removal of time restrictions on licenses. The next regulatory review cycle and any legislative proposals will determine whether European tokenized finance can achieve parity with US market development.
