Amundi tokenises share class of €22.8bn STOXX Europe 600 index fund on public Ethereum

Key points

Amundi has launched a tokenised share class of its Core STOXX Europe 600 index fund, which holds €22.8 billion in assets under management.
The share class is issued on public Ethereum, with CACEIS serving as both transfer agent and tokenisation agent.
Amundi describes this as the first blockchain-based share class added to a large European equity index fund.
The move follows three cash-focused tokenisation initiatives: a tokenised share class on its Cash EUR money market fund (November 2025), co-developed tokenised money market fund classes with CACEIS and Ant International for Ant's intra-group treasury, and the SAFO delegated manager mandate (March 2026) on Spiko's platform, where the product has gathered roughly $2.5 billion.
The progression from money market to equity index products suggests Amundi is testing whether tokenised fund infrastructure can support more complex, higher-volatility underlying assets.

Amundi has added a tokenised share class to its Core STOXX Europe 600 index fund, a sub-fund sitting behind one of Europe’s most widely held equity exchange-traded funds with €22.8 billion in assets under management. CACEIS acts as both transfer agent and tokenisation agent, with the share class issued on public Ethereum. Amundi describes it as the first large European equity index fund to carry a blockchain-based share class.

The launch marks a meaningful step in Amundi’s tokenisation programme: prior efforts were confined to cash-equivalent instruments. In November 2025 the firm added a tokenised share class to its Amundi Funds Cash EUR money market fund. A subsequent collaboration with CACEIS and Ant International produced tokenised money market fund share classes designed for Ant’s intra-group treasury, enabling real-time on-chain liquidity movement between Ant entities. In March 2026 Amundi took on the delegated investment manager role for the Spiko Amundi Overnight Swap Fund, a total return swap product housed within Spiko’s French SICAV that has accumulated roughly $2.5 billion and stands as the largest product on Spiko’s tokenised fund platform.

The expansion into an equity index vehicle tests whether the operational and distribution benefits that asset managers have pursued in tokenised money market funds translate to a more volatile, settlement-intensive asset class. The choice of public Ethereum, rather than a permissioned chain, is also notable: it broadens potential access but raises questions around custody, smart-contract risk, and regulatory comfort that operators integrating the share class will need to work through.

What this means

product owner: The first equity index tokenised share class from a major European manager establishes a reference point for structuring; product teams building tokenised equity fund wrappers should examine how Amundi has handled valuation frequency, redemption mechanics, and on-chain settlement against the volatility profile of an equity benchmark rather than a cash-equivalent.
distribution & BD: Public Ethereum issuance, rather than a permissioned ledger, widens the theoretical counterparty universe, but BD teams should pressure-test which existing and prospective distribution partners have the custody infrastructure and regulatory sign-off to hold or intermediate a publicly issued tokenised equity share class before treating the addressable market as expanded.
collateral & funding desk: A tokenised share class in a €22.8 billion equity index fund on a public chain could eventually feature in on-chain collateral arrangements; desks monitoring the development of eligible collateral sets should track whether CACEIS's role as tokenisation agent produces the standardised on-chain representations that tri-party and bilateral collateral systems would require.
infrastructure & platform: CACEIS performing both transfer agent and tokenisation agent functions in a single engagement is worth examining as a potential consolidation pattern; platform teams evaluating vendor architecture for tokenised fund servicing should assess whether that dual-role model reduces integration complexity or concentrates operational risk in ways that require additional resilience planning.

Original source

Ledger Insights

ledgerinsights.com

Amundi tokenises share class of €22.8bn STOXX Europe 600 index fund on public Ethereum

Key points

Original source

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