Crédit Agricole Launches MiCA-Compliant EURXT Stablecoin on Ethereum

Crédit Agricole launched EURXT, a euro-denominated stablecoin on Ethereum, through its asset servicing arm CACEIS. The ERC-20 electronic money token is pegged one-to-one to the euro and complies with the European Union's Markets in Crypto Assets regulation, with initial availability limited to institutional investors and corporate clients of CACEIS. The launch expands Crédit Agricole's push into tokenized finance and blockchain-based settlement infrastructure.

CACEIS Issues EURXT with Euro Reserve Backing

CACAIS issued EURXT as an ERC-20 electronic money token pegged one-to-one to the euro. About 20 million EURXT tokens were in circulation at launch, backed by euro reserves held at CACEIS Bank. Crédit Agricole stated the dedicated reserves currently consist entirely of cash held on the bank's balance sheet. The token is available to institutional investors and corporate clients of CACEIS.

EURXT Settles Subscription into Amundi Tokenized Money Market Fund

The stablecoin settled a subscription into an Amundi tokenized money market fund. Crédit Agricole described the transaction as the first subscription to a tokenized Luxembourg UCITS money market fund settled with a euro stablecoin in Europe. Amundi introduced the tokenized share class of its euro money market fund in November. The product uses Ethereum to record fund units and transactions, while CACEIS provides digital wallets and infrastructure for subscriptions and redemptions.

EURXT Competes with Circle EURC and Société Générale EURCV

EURXT enters a market for regulated euro stablecoins that includes Circle's EURC and Société Générale Forge's EURCV. EURC remains the largest euro stablecoin. EURCV has developed primarily as infrastructure for institutional settlement and decentralized finance collateral. The addition of EURXT creates a blockchain-based settlement asset within Crédit Agricole's existing tokenization infrastructure. The bank stated it expects the system to reduce settlement times and improve operational efficiency for asset managers and institutional clients.

Crédit Agricole Integrates EURXT into ACT 2028 Strategy

The launch forms part of Crédit Agricole's ACT 2028 strategy, which includes expanding the group's presence in tokenized finance and developing new onchain settlement services. Crédit Agricole CEO Olivier Gavalda stated the token was designed to help clients gradually adopt new settlement standards while operating within European regulatory requirements.

FAQ

What is EURXT and who issued it?

EURXT is a euro-denominated stablecoin issued by CACEIS, the asset servicing arm of Crédit Agricole, as an ERC-20 electronic money token on Ethereum. It is pegged one-to-one to the euro and complies with the European Union's Markets in Crypto Assets regulation.

How is EURXT backed?

EURXT is backed by euro reserves held at CACEIS Bank. Crédit Agricole stated the dedicated reserves currently consist entirely of cash held on the bank's balance sheet. About 20 million EURXT tokens were in circulation at launch.

What was the first transaction settled with EURXT?

EURXT settled a subscription into an Amundi tokenized money market fund. Crédit Agricole described this as the first subscription to a tokenized Luxembourg UCITS money market fund settled with a euro stablecoin in Europe.