Amundi, Europe’s largest asset manager, has put its first equity index product on a blockchain: a tokenized share class of one of its flagship European equity index funds, issued on the public Ethereum blockchain, it said in an announcement dated 5 November 2026. The fund, named by Ledger Insights, Cryptoast and Cryptopolitan as Amundi Core STOXX Europe 600, tracks 600 large, mid and small companies in developed Europe. The technology and infrastructure come from CACEIS, the asset-servicing arm of Crédit Agricole, Amundi’s parent group.
That is the news, and it is about as far as the official text goes. Amundi does not give the fund’s name on its own page, nor an ISIN for the new class, an amount subscribed, a fee, a settlement time or a list of who is allowed to buy. The Amundi tokenized fund class exists on Ethereum; most of what an investor would want to know about it is not public yet.
The step itself is clear enough. “We extend tokenisation beyond cash management solutions into index investing,” Amundi wrote. Until now its tokenized products were money market funds. Ledger Insights calls the fund “the first large European equity index fund to add a blockchain-based share class”, a claim Coindaro could not check against other European funds and reports as that outlet’s wording.
The fund stays available through its usual channels, Amundi says, and Amundi describes the fund as a core European equity strategy used as a building block in portfolios. The token is one more way into the same portfolio, not a separate product with its own holdings.
The token is a fund unit, not 600 company shares on Ethereum
The point most likely to be misread is what sits in the wallet. A holder of the new class owns units of the existing Amundi fund, recorded on Ethereum instead of only in a transfer agent’s books. The 600 companies of the STOXX Europe 600 do not issue anything on the blockchain. Journal du Coin and Cryptopolitan both stress this: no index member’s share is minted on-chain, and the fund keeps buying and holding the stocks the usual way.
According to Amundi, the tokenized class remains fully integrated into the fund’s existing operating model. In practice the portfolio, the index tracking, the custody of the underlying shares and the net asset value are shared with the other share classes. The new part is the register: who owns which unit, and how a unit moves from one holder to another.
Nor is the token ETH. Ethereum is the ledger on which the units are recorded; buying the fund class gives no exposure to the price of ether. Our page on Ethereum and its native coin covers the network itself.
This makes the product closer to a fund share kept in a new kind of register than to the “tokenized stocks” sold on some crypto platforms, which are often claims on a stock held by an intermediary. The difference matters for rights, recourse and resale, and it is explained in our guide to tokenized stocks and what you really own.
Fund size: €22.8 billion for Ledger Insights, about €21.3 billion for Cryptoast
No figure for the fund appears in Amundi’s text. Two outlets do, and they do not match. Ledger Insights puts the fund at €22.8 billion; Cryptoast puts it at about €21.3 billion. Neither outlet dates its figure, and the value of an equity fund moves with the market. Coindaro has not been able to check either number against an Amundi factsheet, so both are given here with their source.
Either way, the size is that of the whole fund across all its classes. Nobody has published how much money sits in the tokenized class. When Amundi launched its first tokenized money market class in November 2025, the news was the first subscription, not its volume.
For scale, Amundi managed about €2,600 billion at 30 September 2026, according to Journal du Coin. That is the group total, almost all of it in conventional form.
CACEIS keeps the register, inside the Crédit Agricole group
CACEIS acts as transfer agent and tokenisation agent for the new class, Ledger Insights reports. In plain terms, it keeps the list of unit holders and is the one that mints and records the tokens. Amundi’s page credits CACEIS with the technology and infrastructure used to tokenize fund shares.
Both companies belong to Crédit Agricole: Amundi is a subsidiary, CACEIS is the group’s asset-servicing arm, as Cryptoast notes. The same pair built every Amundi tokenized class so far, and the group’s insurer has already become a client of one of them.
On 8 October 2026, CACEIS announced that Crédit Agricole Assurances had put €100 million into a tokenised unit of Amundi Funds Cash EUR, the insurer’s first tokenised asset. “This initial investment in tokenised finance marks an important step forward in our approach to innovation,” said Florence Barjou, the insurer’s chief investment officer. Alexandra Van Gyseghem, head of Amundi’s French institutional clients division, said in the same release that Amundi “is pursuing the development of concrete applications of tokenisation in investment solutions.” The release speaks of distributed ledger technology without naming the chain.
Every Amundi tokenized fund so far, from cash in November 2025 to equities
The equity class is the fourth dated step in a year. The table lists each one with the figure its source gives.
| Date | Product | Chain | Figure reported |
|---|---|---|---|
| 4 Nov 2025 | Amundi Funds Cash EUR, class “J28 EUR DLT” (Luxembourg money market fund) | Ethereum | Fund about €5.6 bn (Cryptoast) |
| 19 Mar 2026 | Spiko Amundi Overnight Swap Fund (SAFO) | Ethereum and Stellar | $100 million committed at launch (The Block); about $2.5 bn now (Ledger Insights) |
| 8 Oct 2026 | Tokenised unit of Amundi Funds Cash EUR bought by Crédit Agricole Assurances | Not named | €100 million (CACEIS) |
| 5 Nov 2026 | Tokenized share class of Amundi Core STOXX Europe 600 | Ethereum | No amount published |
The first class, on the Amundi Funds Cash EUR money market fund, used what Amundi called hybrid distribution: investors could come in through the usual channels or on-chain, with CACEIS supplying investor wallets and an order platform for subscriptions and redemptions, The Block reported. Amundi’s new announcement adds that this class took subscriptions in stablecoins. Amundi and CACEIS also built tokenized money market classes for the treasury of Ant International, Ledger Insights says, without a date in its text.
With Spiko, Amundi acts as delegated manager of a French SICAV. The Block reported $100 million committed when it opened on 19 March; Ledger Insights now puts it near $2.5 billion, the largest product on Spiko’s platform. The equity class is the first one outside cash. Amundi now says it wants to build, step by step, a range of tokenised funds for institutional clients and digital platforms, without naming the next fund or giving a timeline.
What Amundi does not say: buyers, fees, rules and amount
The outlets Coindaro read on the launch hit the same blanks, and nothing in Amundi’s text fills them. There is no ISIN for the class in any source, which means an investor cannot yet look it up in a broker or a fund database.
Who can buy is open. Amundi’s planned tokenized range is aimed at institutional clients and digital platforms, according to its announcement; nothing is said about retail investors, life-insurance contracts or French tax wrappers. Compare Janus Henderson’s JQQQ, a Nasdaq-100 fund on Stellar that only non-US professionals can buy: there, the buyer rule was the first line of the documents.
Fees are open too. FranceTransactions, cited by TechTimes, says Amundi gave no quantified fee reduction for the tokenized class. Amundi lists operational efficiency from automating some processes among the benefits, but gives no number for it.
The legal frame is not named. Amundi speaks of a regulatory, operational and risk management framework without naming the rules it relies on. TechTimes notes that Amundi’s materials do not say the class uses the EU’s DLT Pilot Regime. Settlement time, a secondary market, the wallets or platform used to subscribe: none of these is published.
One thing is said, by the secondary sources. Investor identification, transfer restrictions and regulatory obligations still apply, TechTimes reports from FranceTransactions. Journal du Coin makes a close point: a token on Ethereum is not freely transferable to any wallet, since that depends on the product’s rules, and using a public chain does not make the unit usable in every decentralized finance protocol.
An equity index class in a market built on Treasuries
Tokenized funds have so far grown around cash-like products. RWA.xyz showed $14.24 billion of distributed value in tokenized US Treasuries on 6 November 2026, down 4.63% over 30 days, spread over 123 assets and 86,241 holders. The largest were Ondo’s USDY at $2.39 billion, Circle’s USYC at $2.18 billion and BlackRock’s BUIDL, issued through Securitize, at $1.87 billion.
Tokenized stocks are a smaller category: $4.24 billion on 4 November, according to RWA.xyz figures cited by Cointelegraph and relayed by TechTimes, a number Coindaro did not open at its source. TechTimes adds that the IMF, measuring differently, put tokenized equities at about $2.3 billion. An equity index fund class belongs in neither box exactly, since it is a fund unit with stocks underneath.
Money market classes have a clear use: cash that earns a yield and moves around the clock. The case for an equity index on a blockchain is less obvious, and Amundi has not given one beyond automation, accessibility, fast settlement and transparency. Other managers have mostly started with cash, as Aviva did with a share class of its sterling money fund on the XRP Ledger.
What it changes for investors in France, Italy and the rest of Europe
For now, nothing an individual can act on. The class has no published ISIN and no published buyer rules, so there is no way to say whether it will reach a French assurance-vie contract, a PEA or an Italian bank’s fund list. Amundi’s index funds are sold in Italy, but no source describes Italian distribution of this class.
Coindaro found no statement on the product from France’s AMF, which supervises French management companies, nor from Consob or the Banca d’Italia. A fund unit is a financial instrument, which places it under fund and securities law rather than under MiCA, the EU crypto-asset regulation, which excludes tokens that qualify as financial instruments.
The wider policy debate is about speed. On 21 April 2026, 39 firms and groups, including Nasdaq and Boerse Stuttgart, asked the EU to hurry its changes to the DLT Pilot Regime, according to TechTimes. Whether Amundi’s class relies on that regime or on ordinary fund rules is one of the questions its documents will have to answer.
Open questions to watch
The first document to look for is the class’s own prospectus entry or key information document, which would give the ISIN, the eligible investors, the fees and the dealing rules. Without it, the size figures above describe the fund, not the token.
The second is the first amount. Crédit Agricole Assurances’ €100 million in October shows the group can bring its own money to a new class; whether outside investors subscribe to the equity one is the test. Amundi has not given a date for either.