CoinDesk
Crédit Agricole has launched EURXT, a euro-pegged stablecoin issued on Ethereum by its asset-servicing arm Caceis Bank under the European Union's MiCA framework. The bank debuted the token with 20 million units in circulation, each backed 1:1 by euro reserves held at Caceis, and has already used it to settle a subscription into a tokenized Amundi money market fund.
EURXT enters a market still led by Circle's EURC, at roughly 378 million tokens outstanding, and Société Générale's EURCV, at about 124 million. Crédit Agricole, France's second-largest bank by assets, frames the launch inside its ACT 2028 plan, a broader push into tokenized finance that now reaches into settlement and fund distribution.
Why it matters
The launch is the latest signal that MiCA, which took effect roughly a year ago, is pulling regulated European lenders into the euro stablecoin market. Total euro-pegged token market cap has more than doubled in twelve months, though it still sits at around 0.5% of the dollar-pegged stablecoin universe dominated by Tether's USDT and Circle's USDC. Crédit Agricole's arrival also pressures the EURC-EURCV duopoly and intensifies the race with Qivalis, the consortium of 37 European banks that plans its own euro stablecoin later this year.
Market impact
The first real test is distribution. EURXT's first production use, settling into Amundi's tokenized money market fund, links the stablecoin directly to the region's largest asset managers, with Amundi alone running 2.4 trillion euros ($2.73 trillion) in AUM and a tokenized share class on Ethereum already live. That plumbing matters more than the 20 million token debut: it gives EURXT an institutional on-ramp the dollar giants had to build over years. Watch whether other MiCA-regulated issuers follow with similar fund-settlement rails, and whether Qivalis can scale a single consortium token faster than individual banks are scaling their own.
Frequently asked questions
-
What is EURXT and who is issuing it?
EURXT is the EURO eXchange Token, a euro-pegged, MiCA-compliant stablecoin launched on Ethereum by Caceis Bank, the asset-servicing arm of Crédit Agricole, France's second-largest bank by assets.
-
How much EURXT is in circulation and how is it backed?
EURXT debuted with 20 million tokens in circulation, each backed 1:1 by euro reserves held at Caceis Bank, according to data on the project's website.
-
How does EURXT compare to Circle's EURC and SocGen's EURCV?
EURXT launched at 20 million tokens, well below Circle's EURC at roughly 378 million and Société Générale's EURCV at about 124 million. All three are euro-pegged and MiCA-aligned, though only Crédit Agricole's token has so far been used to settle into a tokenized money market fund.
-
Why does the MiCA framework matter for euro stablecoins?
MiCA's stablecoin rules took effect roughly a year ago and have more than doubled the euro-pegged token market over twelve months, giving regulated European banks a clear compliance path to issue their own tokens. Even so, the segment still sits at roughly 0.5% of the global stablecoin market dominated by USDT and…
-
What is Qivalis and how does it affect EURXT's outlook?
Qivalis is a consortium of 37 European banks planning to launch a competing euro stablecoin later this year. Its coordinated approach could pressure single-bank issuers like Crédit Agricole, Caceis, and Société Générale on distribution and scale before EURXT's 20 million token debut grows.
WatcherGuru
CoinTelegraph
TheBlock
CryptoSlate
Whale Alert
Lookonchain