Crédit Agricole Launches EURXT Euro Stablecoin on Ethereum Targeting Institutional Investors

Crédit Agricole has introduced the EURO eXchange Token, known as EURXT, a euro backed stablecoin issued through its asset servicing arm CACEIS. The token launched on the Ethereum blockchain as an electronic money token pegged 1:1 to the euro, with 20.02 million tokens in circulation at launch backed by an equivalent euro reserve held by CACEIS Bank. The first transaction using EURXT was a subscription into a tokenized Amundi Money Market Fund.

No Hard Cap on Supply as Demand Drives Issuance

According to the project’s white paper, EURXT has no fixed issuance limit, with supply expanding through smart contract mechanisms based on market demand. The stablecoin launches under full MiCA compliance, following CACEIS securing a crypto-asset service provider license from French regulators in June 2025.

Traditional Banks Racing Into Tokenized Finance

The launch reflects accelerating competition among major European financial institutions exploring blockchain-based settlement. HSBC and BNP Paribas joined the Canton Foundation last year for similar tokenization efforts, while AllUnity and Quantoz Payments continue expanding MiCA compliant euro stablecoins across the region.