Europe's largest asset manager has moved a flagship European equity strategy onto public blockchain infrastructure. Amundi has issued a tokenized share class of its Amundi Core STOXX Europe 600 fund on Ethereum, bringing a major equity index product onchain and extending its tokenization efforts well beyond the cash-management products that anchored its first steps with the technology in late 2025.

Amundi (@Amundi_FR), which manages €2.4 trillion in assets, developed the new share class with CACEIS (@CACEIS). The underlying fund tracks the STOXX Europe 600, an index of 600 large, mid and small-cap companies across Europe that is used as a core building block for portfolio allocation. Ledger Insights estimates the total value of the fund's assets under management at around €22.8 billion, which makes this one of the largest equity index tokenizations carried out in Europe so far.

The announcement drew a quick reaction from Ethereum's institutional arm, which highlighted the launch on X:

Ethereum is the home of onchain finance.

— Ethereum Institutional (@ethereuminsti) November 5, 2026

https://x.com/ethereuminsti/status/2118338712501109243?ref_src=twsrc%5Etfw

Amundi Takes a €22.8B Equity Fund Onchain

The new share class is based on units of Amundi Core STOXX Europe 600, a flagship share class strategy that follows 600 large, mid and small-cap shares of European companies. The tokenized units are issued on the public Ethereum chain and were created by CACEIS, which provides the technology and infrastructure for the tokenization of the fund shares.

Amundi stated that the blockchain-based class remains within the existing fund framework, and that investors will be able to use the product in conventional ways. That distinction is central to the design of the launch: Amundi is not replacing the fund with a crypto-native offering. Rather, the asset manager is developing an onchain issuance, distribution and settlement layer on top of an existing investment opportunity, leaving the underlying strategy and the fund's structure untouched.

From Cash Funds to Equities

The move broadens Amundi's in-house tokenization program, which had previously centered on cash management, into equity assets. The company presents the step as a way to diversify market exposure across asset classes while maintaining the traditional Amundi business model.

The launch complements Amundi's inaugural tokenized share class, a money market fund launched with CACEIS that has been issued on Ethereum since November 2025. That product was the group's first tokenized share class and its first fund issuance on public blockchain rails. Amundi has since pushed further into digital-asset initiatives, launching a tokenized cash-management product and pursuing blockchain-based treasury projects, including efforts carried out in cooperation with CACEIS and Ant International. In practice, the group used cash-like products to establish the rails before pointing them at a long-duration portfolio asset.

A New Test for Public Blockchain Finance

Bringing a broad European equity index onchain represents a bigger challenge for tokenized finance than the cash products that have dominated the field to date. Money market funds have been among the most conventional asset classes for real-world asset tokenization, because their short-duration holdings are well suited to digital cash-management use. Equity index funds involve a different type of exposure: a long-term investment spread across hundreds of listed companies rather than a close substitute for cash, which makes the equity launch a broader test of how tokenized fund wrappers behave in practice. Equity holdings also introduce recurring operational events — dividend distributions and periodic index rebalancing — that an onchain wrapper has to accommodate alongside issuance and transfers.

According to Amundi, tokenized fund shares could enable quicker settlement, increased access, greater transparency and greater automation. The asset manager also said it aims to gradually create further institutional client and platform solutions based on tokens, though it has not specified a timeline.

Traditional Fund Structure Stays in Place

The underlying portfolio is not affected by its Ethereum version, and the fund's existing investment process remains unchanged. The tokenized share class does not replace the fund itself; for now, blockchain serves simply as the infrastructure for the issuance, maintenance and future digital distribution of the shares.

Amundi has not provided details on the size of the new tokenized share class, nor has it said whether additional products could follow or when further onchain launches might take place. The size of the tokenized class and the start of any digital distribution therefore stand as the concrete checkpoints to watch as the launch moves from issuance toward day-to-day use.

Even so, bringing a multibillion-euro STOXX Europe 600 strategy onto Ethereum gives the network another institutional tokenization use case beyond stablecoins, Treasuries and money market funds. It also marks a notable broadening of tokenized finance itself, as one of Europe's largest asset managers extends the technology from short-duration cash instruments into a core equity benchmark spanning hundreds of the region's listed companies.