Summary
Crédit Agricole, France's second-largest bank, launched the EURO eXchange Token (EURXT), a euro-pegged stablecoin issued by its asset-servicing arm Caceis Bank. The MiCA-compliant token debuted with 20 million tokens in circulation, backed 1:1 by euro reserves, and has already been used to settle a subscription into a tokenized Amundi money market fund.
Key Facts
- EURXT is MiCA-compliant, issued on Ethereum by Caceis Bank (Crédit Agricole's asset-servicing arm)
- 20 million EURXT in circulation, backed 1:1 by euro reserves at Caceis Bank
- Compares with ~378M Circle EURC and ~124M SocGen EURCV
- Already used to settle a tokenized Amundi money market fund subscription
- Part of Crédit Agricole's ACT 2028 plan for broader push into tokenized finance
- Euro stablecoin market cap more than doubled in 12 months under MiCA, but still only 0.5% of dollar-pegged market
Why It Matters
A major European bank entering the stablecoin market signals that MiCA regulation is working as intended — providing a clear framework for traditional financial institutions to issue regulated digital tokens. EURXT joins a growing field (SocGen's EURCV, Circle's EURC, and the 37-bank Qivalis consortium) suggesting the euro stablecoin market is becoming a competitive battleground. This could accelerate tokenized finance in Europe.