French banking giant Crédit Agricole, through its asset servicing arm CACEIS, has recently launched EURXT, a new euro-pegged stablecoin on the Ethereum blockchain. This development marks a significant step for traditional finance into the digital asset space, specifically targeting institutional investors and corporate clients. The EURXT stablecoin is designed as an electronic money token (EMT) and is fully compliant with the European Union's landmark Markets in Crypto-Assets (MiCA) regulation.
The launch of EURXT is a direct outcome of CACEIS having secured a MiCA crypto-asset service provider (CASP) license from French regulators in June 2025, positioning it as a regulated entity capable of issuing digital assets within the EU framework. This regulatory adherence is crucial for fostering trust and adoption among institutional players who require robust legal and operational certainty in the nascent tokenized finance ecosystem. The stablecoin maintains a 1:1 peg to the euro, with its reserves held exclusively in cash on the balance sheet of CACEIS Bank, ensuring full backing and stability.
A notable initial application of EURXT involved settling a subscription into an Amundi Money Market Fund, a Luxembourg-domiciled UCITS fund. This transaction has been highlighted by Crédit Agricole and CACEIS as a "European first" for the settlement of a tokenized UCITS money market fund using a euro stablecoin. This use case demonstrates the immediate practical utility of EURXT in enhancing operational efficiency and potentially reducing settlement times, which traditionally can take several days in conventional financial markets. The on-chain settlement capability offered by EURXT aims to streamline these processes, making fund subscriptions faster and more transparent.
The EURXT Stablecoin Background
The EURXT stablecoin is built on the ERC-20 standard of the Ethereum blockchain, leveraging the network's widespread adoption and robust infrastructure. While initially focused on institutional and corporate clients, the project's whitepaper indicates that the supply of EURXT has no hard cap and will dynamically adjust based on market demand through its smart contract system. At its launch, approximately 20.02 million EURXT tokens were in circulation, matched by an equivalent amount in euro reserves. This flexible supply mechanism is intended to ensure that liquidity can scale with the evolving needs of the tokenized finance market.
This initiative aligns with Crédit Agricole S.A.'s broader "ACT 2028" medium-term plan, which emphasizes accelerating its engagement in tokenized finance and new technologies. Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A., underscored that EURXT provides clients with a "stable, secure payment instrument that complies with the latest European regulatory requirements," fostering a trusted environment in which to explore new investment approaches and preparing for the next generation of financial services. The launch of EURXT by a major European banking group like Crédit Agricole signifies the increasing convergence of traditional finance with blockchain technology, particularly in the realm of real-world asset tokenization and on-chain settlement solutions. It also intensifies competition within the European stablecoin market, as more established financial institutions enter the space with regulated offerings.
Original announcement: CACEIS