Crédit Agricole has made headlines with the launch of its euro-pegged stablecoin, the EURO eXchange Token (EURXT), on the Ethereum blockchain. This move, executed through its asset servicing arm CACEIS, represents a bold step into the world of tokenized finance and blockchain-based settlements.
EURXT is designed to be pegged 1:1 to the euro and issued as an electronic money token, primarily targeting institutional investors and corporate clients. With an initial circulation of 20.02 million tokens, all backed by euro reserves, the stablecoin aims to enhance digital transactions within the financial sector.
CACEIS has already demonstrated EURXT’s practical use by facilitating a subscription into a tokenized Amundi Money Market Fund, highlighting the stablecoin’s potential in real-world applications. This launch positions Crédit Agricole alongside other players in the euro stablecoin market, such as Circle’s EURC and Société Générale Forge’s EURCV.
Crédit Agricole Issues EURXT on Ethereum
As an ERC-20 token on the Ethereum blockchain, EURXT is engineered to support digital settlements and tokenized funds, aligning with the growing demand for innovative solutions in institutional blockchain-based finance. The backing of 20.02 million euros held by CACEIS Bank ensures the stability of the token, which does not have a fixed issuance cap and can be adjusted based on market demand.
This initiative is part of Crédit Agricole’s broader ACT 2028 strategy, aiming to expand tokenized finance services and introduce new settlement tools for institutional clients. CACEIS is keen on leveraging blockchain technology to streamline operations and reduce settlement times, marking a significant advancement for asset managers and institutional investors.
EURXT Used for Amundi Fund Subscription
The first practical application of EURXT has been its use in a subscription for the Amundi Money Market Fund, one of Europe’s largest asset managers with around 2.4 trillion euros in assets. The fund’s tokenized share class utilizes Ethereum for recording transactions, with CACEIS providing the necessary infrastructure for subscriptions and redemptions.
Crédit Agricole views this transaction as a pivotal move towards blockchain-based settlements, asserting that EURXT can enhance operational efficiency for asset management processes. The focus remains on institutional flows, differentiating it from retail stablecoin offerings.
CACEIS Says EURXT Meets MiCA Rules
In a noteworthy development, CACEIS has confirmed that EURXT complies with the European Union’s Markets in Crypto-Assets (MiCA) regulation, which establishes a framework for crypto asset service providers and stablecoin issuers. This compliance underscores the bank’s commitment to regulatory adherence in a rapidly evolving digital asset landscape.
CACEIS received its MiCA crypto-asset service provider license from French regulators in June 2025, with the French banking regulator, the Autorité de Contrôle Prudentiel et de Résolution, authorizing the issuance of EURXT. While the European Securities and Markets Authority register has yet to reflect this authorization, it signals a significant regulatory milestone for the stablecoin.
As traditional banks and crypto firms vie for dominance in the regulated stablecoin space, EURXT’s launch comes at a time when the euro stablecoin market is gradually gaining momentum, albeit remaining smaller than its dollar-pegged counterparts.
Euro Stablecoin Competition Grows
With EURXT entering a competitive landscape dominated by Circle’s EURC and Société Générale’s EURCV, which boast 378 million and 124 million tokens in circulation respectively, Crédit Agricole’s offering starts with a smaller supply. However, its emphasis on facilitating tokenized fund settlements could set it apart from its competitors, who are often focused on retail markets.
Other European projects are also emerging under the MiCA framework, signaling a growing interest in regulated euro-denominated tokens. Despite the recent growth of the euro stablecoin market, it remains dwarfed by the dominance of dollar-pegged tokens such as USDT and USDC.
As the landscape of digital finance continues to evolve, Crédit Agricole’s EURXT stablecoin embodies a significant step towards enhancing the efficiency and reliability of financial transactions in Europe.
