TLDR
- Crédit Agricole launched the EURXT euro stablecoin on Ethereum.
- EURXT is pegged 1:1 to the euro and issued by CACEIS.
- EURXT launched with 20.02M tokens backed by euro reserves.
- EURXT was used for a tokenized Amundi money market fund subscription.
- CACEIS said EURXT complies with the EU’s MiCA framework.
Crédit Agricole has launched a euro-pegged stablecoin on Ethereum through its asset servicing arm CACEIS, expanding the French banking group’s push into tokenized finance and blockchain-based settlement.
The stablecoin, called EURO eXchange Token, or EURXT, is pegged 1:1 to the euro and issued as an electronic money token. It is initially aimed at institutional investors and corporate clients.
CACEIS said EURXT has already been used for a subscription into a tokenized Amundi Money Market Fund. The launch places Crédit Agricole in the growing euro stablecoin market alongside Circle’s EURC and Société Générale Forge’s EURCV.
Crédit Agricole Issues EURXT on Ethereum
EURXT launched on the Ethereum blockchain as an ERC-20 token. CACEIS said the token is designed to support digital settlement, tokenized funds, and institutional blockchain-based finance.
At launch, 20.02 million EURXT tokens were in circulation. The supply was backed by about 20.02 million euros in reserves held by CACEIS Bank.
The project’s white paper states that EURXT does not have a fixed issuance cap. The number of tokens in circulation can grow or fall based on market demand.
CACEIS said the stablecoin is part of Crédit Agricole’s broader ACT 2028 strategy. That plan includes expanding tokenized finance services and supporting new settlement tools for institutional clients.
EURXT Used for Amundi Fund Subscription
CACEIS announced the first subscription using EURXT into a tokenized Amundi Money Market Fund. Amundi is one of Europe’s largest asset managers, with about 2.4 trillion euros in assets under management.
The fund’s tokenized share class uses Ethereum to record fund units and transactions. CACEIS provides digital wallets and infrastructure for subscriptions and redemptions.
Crédit Agricole described the transaction as a step toward blockchain-based settlement for asset managers and institutional investors. The bank said EURXT can help reduce settlement times and improve operational processes.
The product remains focused on institutional flows rather than retail stablecoin use. Its first use case shows that Crédit Agricole is linking the token to tokenized fund access and cash management products.
CACEIS Says EURXT Meets MiCA Rules
CACEIS said EURXT complies with the European Union’s Markets in Crypto-Assets regulation. MiCA sets rules for crypto asset service providers and issuers of stablecoins across the bloc.
CACEIS received a MiCA crypto-asset service provider license from French regulators in June 2025. A spokesperson said the French banking regulator, the Autorité de Contrôle Prudentiel et de Résolution, has authorized CACEIS Bank to issue EURXT.
The spokesperson said the European Securities and Markets Authority register had not yet been updated to reflect the authorization. That means public registry confirmation may appear later.
EURXT’s launch comes as traditional banks and crypto firms compete to issue regulated stablecoins in Europe. MiCA has created a clearer rulebook for euro-denominated stablecoins, though the market remains much smaller than dollar stablecoins.
Euro Stablecoin Competition Grows
EURXT enters a market led by Circle’s EURC and Société Générale Forge’s EURCV. Circle’s EURC has about 378 million tokens in circulation, while Société Générale’s EURCV has about 124 million.
Crédit Agricole’s EURXT started with about 20 million tokens, giving it a smaller launch supply than those rivals. Its early focus on tokenized fund settlement could set it apart from retail-focused stablecoin products.
Other European stablecoin projects are also expanding under MiCA. AllUnity and Quantoz Payments are among firms working on regulated euro-denominated tokens.
The euro stablecoin market has grown since MiCA rules took effect, but it remains small compared with dollar-pegged tokens such as USDT and USDC.
