Summary
EURXT reserves consist exclusively of cash held on CACEIS Bank's balance sheet, placed with the central bank — 100% collateralisation ratio meeting MiCA requirements. However, CoinLaw reports reserves can include up to 70% in highly liquid securities alongside cash, with only accounting-level segregation (token holders would be unsecured creditors if CACEIS failed). EURXT competes with SocGen's EURCV (124M supply) and Circle's EURC (378M supply).
Key Facts
- EURXT is an ERC-20 electronic money token (EMT) on Ethereum, MiCA-compliant
- 20M EURXT issued (~€20M); minimum subscription €10,000 (institutional only)
- Reserves: cash held at CACEIS Bank, placed with Banque Centrale — 100% collateralisation
- CoinLaw reports up to 70% can be in liquid securities with accounting-level segregation
- First use case: settling subscription into tokenised Amundi Money Market Fund (Luxembourg UCITS)
- Part of Crédit Agricole's ACT 2028 plan for tokenised finance
- SocGen's EURCV: 124M supply, issued by SG Forge; Circle's EURC: 378M supply
- 37-bank Qivalis consortium also targeting euro stablecoin market