French banking giant Crédit Agricole launches EURXT euro stablecoin
Crédit Agricole has launched EURXT, a euro-backed stablecoin issued through CACEIS, its asset servicing arm. The token runs on Ethereum, is pegged 1:1 to the euro, and is initially aimed at institutional investors and corporate clients as part of the bank’s push into tokenized finance. CACEIS completed the first subscription using EURXT into a tokenized Amundi money market fund, marking an early use case for blockchain-based settlement in traditional markets. EURXT is an electronic money token designed to operate under the EU’s MiCA framework. Its supply is not fixed: issuance can expand with demand through the smart contract system. At launch, about 20.02 million EURXT were in circulation, backed by roughly the same amount in euro reserves held by CACEIS Bank. The launch comes amid rising competition among major banks and financial firms to issue regulated stablecoins and build tokenized asset infrastructure across Europe and globally.
