Crédit Agricole has introduced EURXT, a new euro-pegged stablecoin issued on Ethereum by its asset-servicing unit CACEIS. The token is backed 1:1 by euro reserves and complies with the European Union's MiCA framework. It has already been used in a tokenized fund transaction.
The Euro Exchange Token, or EURXT, debuted with 20.02 million tokens in circulation. Reserves are held at CACEIS Bank, which issued the stablecoin.
It competes with Circle's EURC and Société Générale's EURCV in the euro stablecoin market. The launch aligns with Crédit Agricole's ACT 2028 strategy to expand into tokenized finance.
EURXT has settled a subscription into a tokenized Amundi money market fund. The broader euro stablecoin market has more than doubled in size over the past year under MiCA rules.
