Amundi, Europe's largest asset manager by assets, announced on Thursday, November 5 that it issued a tokenized share class of its Core STOXX Europe 600 index fund on public Ethereum. CACEIS, the European asset-servicing company, provided the tokenization technology and infrastructure, and the fund stays available through traditional channels. It is Amundi's second tokenized share class, following a euro money market fund launched in November 2025, also built with CACEIS on Ethereum.
What Was Tokenized, and What Wasn't
The tokenized object is a class of fund units, not the 600 stocks inside the index. Holders own fund units governed by the fund's legal terms, and the Ethereum share class sits inside the fund's existing operating model rather than replacing its conventional administration, according to readings of Amundi's release by NewsBTC and Spazio Crypto. The announcement doesn't say all 600 constituents trade as tokens, or that investors can trade the underlying stocks around the clock.
Amundi said tokenized fund shares could improve operational efficiency through automation, widen access, speed settlement and increase transparency, and that it plans a broader range of tokenized funds for institutional clients and digital platforms.
What We Don't Know
Amundi did not disclose how much money the tokenized class holds, who can buy it, or what it costs. One industry report put the underlying sub-fund at €22.8 billion and called this the first large European equity index fund with a blockchain share class, according to Altcoin Buzz. Amundi's release makes neither claim, so treat both as unconfirmed.
How Europe's Route Compares With America's
| Europe (Amundi) | United States | |
|---|---|---|
| What gets tokenized | Units of an existing regulated fund, with a servicer providing the infrastructure | A mix: Treasury money market fund shares, stocks through issuer-sponsored and third-party models, and securities held at the depository |
| Headline products | A euro money market share class (Nov 2025) and the STOXX Europe 600 class (Nov 2026) | Tokenized Treasury funds at $14.65B distributed (RWA.xyz, mid-October); tokenized stocks at $4.24B (RWA.xyz, Nov 4); DTCC service live since Oct 28 with 34 securities |
| Rulebook approach | One European regulator, Greece's Michail Fekkas, argued at a Dubai forum on Nov 5 that tokenization changes how an instrument is issued and traded, not what it is, so existing rules apply | Agency actions: SEC staff taxonomy, an exemption for trading venues, and a no-action letter for DTC |
RWAToday analysis: Europe's visible route is a wrapper around an existing fund, run by an existing servicer, with the old distribution channel kept intact. The US route is more varied and more experimental, spanning new trading venues, issuer-sponsored shares and infrastructure at the depository (DTCC; the venue race). Neither is clearly ahead. One data point stands out: RWA.xyz's ten largest tokenized stock products are all tied to US assets, per Cointelegraph, so Amundi's launch is a European exception in a US-dominated category. For how a fund share class differs from tokenized stocks, see our comparison.
- Cointelegraph (via TradingView) — launch, CACEIS, RWA.xyz tokenized stock data
- Spazio Crypto — units vs underlying shares; existing channels
- NewsBTC (via TradingView) — operating-model integration; CACEIS role
- Altcoin Buzz — undisclosed size; reported €22.8B sub-fund
- PANews RWA Weekly, Nov 6 — November 2025 money market share class
- The Fintech Times, Nov 6 — Fekkas remarks
- RWA.xyz — Treasury fund value
→ Tokenized US Treasuries: Complete Guide
→ Franklin Templeton BENJI: the first registered fund on a blockchain