Amundi puts a share class of a big European stock index fund on Ethereum

Amundi, which calls itself Europe's leading asset manager, said on 5 November that it had issued a tokenized share class of one of its flagship European equity index funds. A share class is a separate version of the same fund. In this one the units are recorded as tokens on Ethereum, a public blockchain. Investors can still buy the fund's ordinary units through the usual channels.

Amundi's release does not name the fund or give its size. Ledger Insights, a trade publication, says it is the firm's Core STOXX Europe 600 fund. That fund sits behind one of Europe's most widely held exchange-traded funds, with €22.8bn in assets, Ledger Insights says. Cointelegraph, a crypto news site, also names the STOXX Europe 600 fund. The index covers 600 large, mid-sized and small companies in developed European markets.

Until now Amundi's tokens have stood for cash funds. Money market funds hold short-term loans to governments and companies and are used much like cash. Amundi's first tokenized share class was of one of those, and Amundi says it took subscriptions in stablecoins, digital tokens pegged to a currency. Amundi's release says that launch came "over the past few months". Ledger Insights and Cointelegraph both date it to November 2025.

A broad stock index fund is different. It is a core holding in ordinary portfolios, and Amundi calls it a building block for investors' allocations. Ledger Insights says this is the first large European equity index fund to add a blockchain share class. The technology comes from CACEIS, the asset-servicing arm of the French bank Crédit Agricole. According to Ledger Insights, CACEIS keeps the register of holders and issues the tokens. Amundi says the share class still runs on the fund's existing operating model.

The move comes as tokenized shares grow but stay tied to America. Tokenized stocks were worth $4.24bn on 4 November, up nearly 27% in 30 days, according to RWA.xyz data cited by Cointelegraph. All ten of the largest products were linked to American companies or to securities listed there.

Much is still unknown. Amundi says it wants more tokenized funds for institutional clients and digital platforms, citing automation, wider access, fast settlement and transparency. But it has not said how much money the new share class holds or who has bought it. Nor has it said whether holders can pass the tokens to one another on Ethereum, or buy them with stablecoins. Coverage so far comes from crypto and trade publications.