Key facts
- Crédit Agricole's CACEIS has launched the EURO eXchange Token (EURXT) on the Ethereum blockchain.
- EURXT is a euro-backed stablecoin pegged 1:1 to the euro.
- The stablecoin is initially targeted at institutional investors and corporate clients.
- CACEIS secured a MiCA crypto-asset service provider license in France.
- 20.02 million EURXT tokens have been issued, backed by approximately 20.02 million euros in reserves.
Crédit Agricole, Europe's third-largest bank by assets, has launched its euro-backed stablecoin, the EURO eXchange Token (EURXT), through its asset servicing arm, CACEIS. The stablecoin, issued on the Ethereum blockchain, is pegged 1:1 to the euro and is initially aimed at institutional investors and corporate clients as part of the bank's strategy to advance in tokenized finance.
The launch marks a significant step for traditional financial institutions exploring blockchain technology, with CACEIS having secured a MiCA crypto-asset service provider license from French regulators in June 2025. The white paper indicates no hard cap on EURXT issuance, allowing supply to expand based on market demand. Currently, 20.02 million EURXT tokens are in circulation, matched by approximately 20.02 million euros in reserves held by CACEIS Bank.
This move by Crédit Agricole follows similar initiatives by other major European banks like HSBC and BNP Paribas, who are also exploring tokenization of real-world assets. The EURXT launch contributes to a growing trend of regulated stablecoin offerings in Europe, with companies like AllUnity and Quantoz Payments also rolling out euro-denominated stablecoins.