Crédit Agricole has officially launched a euro-backed stablecoin, EURXT, issuing 20.02 million tokens through its asset servicing arm, CACEIS. The digital currency operates on the Ethereum blockchain and is pegged 1:1 to the euro.
Designed strictly for institutional investors and corporate clients, the launch marks a significant push into tokenized finance. The first subscription using EURXT was executed into a tokenized Amundi Money Market Fund.
According to the project's white paper, there is no hard cap on the supply of EURXT, meaning its circulation will expand based on market demand. The reserves at launch were verified to match the outstanding tokens exactly.
The launch operates in full compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. CACEIS secured its crypto-asset service provider license from French regulators in June 2025, paving the way for this issuance.
The move by Crédit Agricole places it into direct competition with other European banking giants, including HSBC and BNP Paribas, who are accelerating blockchain-based settlement solutions for real-world assets.