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, France's second-largest bank by assets, has launched its euro-pegged stablecoin, the EURO eXchange Token (EURXT), through its asset servicing arm, Caceis. Issued on the Ethereum blockchain and compliant with the EU's Markets in Crypto-Assets (MiCA) framework, EURXT aims to serve institutional investors and corporate clients as part of the bank's broader strategy into tokenized finance.
EURXT debuted with 20 million tokens in circulation, backed 1:1 by euro reserves held at Caceis Bank. This launch positions Crédit Agricole as a competitor to existing euro stablecoins like Société Générale's EURCV and Circle's EURC, and joins a market also targeted by Qivalis, a consortium of 37 European banks planning their own stablecoin.
The euro stablecoin market has seen significant growth since MiCA regulations took effect, with its market capitalization more than doubling in the past year, though it remains a small fraction of the U.S. dollar-pegged token market. The first transaction using EURXT involved settling a subscription into a tokenized Amundi money market fund.