Tokenized funds have so far been mostly a cash management story. Europe's largest asset manager is now taking the model into equities: Amundi has issued a tokenized share class of its Core STOXX Europe 600 fund on public Ethereum.

The sub-fund behind one of Europe's most widely held equity ETFs manages €22.8B in assets.

The share class was built with CACEIS, which provides the tokenization technology and infrastructure. It stays fully integrated into the fund's existing operating model, and the fund remains available through traditional channels.

The launch follows Amundi's first tokenized money market fund share class, also built with CACEIS on Ethereum, and the addition of stablecoin subscriptions. The firm says it plans to build out a wider range of tokenized funds for institutional clients and digital platforms.