Crédit Agricole, World's Largest Cooperative Bank, Launches Stablecoin EURXT

Crédit Agricole S.A. has launched a euro-backed stablecoin called EURXT and used it to settle the first subscription into a tokenized money market fund in Europe.

Key Takeaways:

• • Crédit Agricole, the world’s 10th largest bank, issued EURXT on Ethereum, backed 1:1 by euro reserves.
• • CACEIS settled Amundi’s Luxembourg money market fund subscription in EURXT, a European first.
• • Crédit Agricole targets 8.5 billion euros in 2028 net income under its ACT 2028 plan.

According to the announcement on Wednesday, the bank issued the token through CACEIS, its asset servicing arm, on the Ethereum blockchain. EURXT follows the ERC-20 standard and carries a 1:1 peg to the euro. The token complies with the European Union’s Markets in Crypto-Assets regulation, known as MiCA.

A European First for Fund Settlement

CACEIS used EURXT to settle a client subscription into the Amundi Money Market Fund, a Luxembourg-domiciled UCITS fund. Crédit Agricole and CACEIS describe it as the first time a tokenized UCITS money market fund has been settled in a euro stablecoin at the European level.

The transaction points to how asset managers can use tokenization to speed up settlement and cut manual steps out of fund subscriptions. Traditional fund settlement in Europe often takes multiple days to clear. On-chain settlement can compress that window.

Reserves Held at CACEIS Bank

EURXT reserves consist entirely of cash held on CACEIS Bank’s balance sheet. Crédit Agricole publishes the size and makeup of those reserves, along with a white paper, on a dedicated website.

Olivier Gavalda, chief executive of Crédit Agricole S.A., linked the launch to the bank’s ACT 2028 medium-term plan. He said the token gives clients “a stable, secure payment instrument that complies with the latest European regulatory requirements” and called it a step toward “the next generation of financial services.”

Institutional Clients Get First Access

EURXT is currently limited to institutional investors and corporate clients of CACEIS. The bank has not announced a timeline for retail access.

CACEIS brings scale to the launch. The firm holds 5.9 trillion euros in assets under custody and 3.7 trillion euros in assets under administration, based on figures from December 31, 2025. Amundi, the fund manager on the other side of the trade, manages close to 2.4 trillion euros for more than 200 million investors across 34 countries.

The Bank Behind EURXT

Crédit Agricole ranks as the world’s 10th largest bank by balance sheet size and the largest cooperative and mutualist bank globally. The group serves roughly 55 million customers in 46 countries. Through Amundi, it also holds the top spot among European asset managers.

Olivier Gavalda has run Crédit Agricole S.A. as chief executive since May 2025. Eric Vial took over as chairman of the board on January 1, 2026. The group traces its roots to 1885, when the first local agricultural credit cooperative opened in Salins-les-Bains, France.

The bank’s scale shows up in its numbers. Crédit Agricole Group posted 10 billion euros in first-quarter 2026 revenue, up 2.8% from a year earlier, with net income of 2.097 billion euros. Crédit Agricole S.A. reported a CET1 capital ratio of about 11.4%, well above regulatory minimums, and paid a dividend of 1.13 euros per share for 2025.

EURXT falls under ACT 2028, the medium-term plan Crédit Agricole S.A. rolled out in late 2025. The plan sets a target of more than 8.5 billion euros in net income for the listed entity by 2028 and a return on tangible equity above 14%. Tokenized finance ranks alongside artificial intelligence (AI) and data as one of three technology priorities in that plan.

What It Means for Digital Asset Markets

The launch adds a regulated, bank-issued euro stablecoin to a market that has been dominated by U.S. dollar-pegged tokens like USDT and USDC. MiCA compliance gives EURXT a regulatory foundation that some competing stablecoins lack in the EU.

For traders and institutions watching stablecoin flows, EURXT signals that traditional European banks are moving past pilot programs into live settlement. CACEIS says clients can track reserve composition directly on the project’s website, a transparency step that regulators have pushed stablecoin issuers to adopt.

Crédit Agricole has not disclosed the size of the initial EURXT issuance tied to the Amundi fund subscription.

Part of a Broader Tokenization Push

The EURXT launch fits into a wider pattern among European banks and asset managers moving fund operations on-chain. Amundi has already worked on tokenized fund structures in Luxembourg, and CACEIS has built out blockchain-based custody and fund administration services in recent years.

Crédit Agricole frames EURXT as settlement infrastructure for corporates and institutions moving money between tokenized products, not a trading instrument for retail crypto markets.

Analysts tracking EU stablecoin rules will likely watch whether other major banks follow with their own MiCA-compliant tokens. A bank-issued, fully reserved euro stablecoin gives institutional desks an alternative to dollar stablecoins when settling euro trades on public blockchains.