Human understanding of language is robust to different word choices as far as they represent similar semantic concepts. To what extent does our human intuition transfer to language models, which represent all subwords as distinct embeddings? In this work, we take an initial step on measuring the role of shared semantics among subwords in the encoder-only multilingual language models (mLMs). To this end, we form "semantic tokens" by merging the semantically similar subwords and their embeddings, and evaluate the updated mLMs on 5 heterogeneous multilingual downstream tasks. Results show that the general shared semantics could get the models a long way in making the predictions on mLMs with different tokenizers and model sizes. Inspections on the grouped subwords show that they exhibit a wide range of semantic similarities, including synonyms and translations across many languages and scripts. Lastly, we found the zero-shot results with semantic tokens are on par or even better than the original models on certain classification tasks, suggesting that the shared subword-level semantics may serve as the anchors for cross-lingual transferring.