Crédit Agricole EURXT Stablecoin Launches Under MiCA Rules
Stablecoins
French banking giant Crédit Agricole has officially launched the EURXT stablecoin, a euro-pegged digital asset issued by its asset servicing subsidiary, CACEIS Bank. The token operates on the Ethereum blockchain and is fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. At launch, the project recorded 20.02 million EURXT tokens in circulation, backed by an equivalent 20.02 million euros held in reserves by CACEIS Bank. The stablecoin has already demonstrated its utility by facilitating the subscription process for a tokenized Amundi money market fund. This development highlights the growing trend of European financial institutions creating regulated, bank-backed payment solutions to bridge traditional finance and blockchain infrastructure. While euro-pegged tokens currently represent only 0.5% of the global stablecoin market, the entry of major players like Crédit Agricole signals a strategic effort to capture institutional demand for digital settlement. The uncapped issuance model allows the supply to scale dynamically based on market requirements, positioning EURXT as a competitor to existing offerings from firms like Société Générale and Circle.
Key points
- ▸Crédit Agricole launched EURXT, a MiCA-compliant euro stablecoin issued by CACEIS on Ethereum.
- ▸Initial circulation reached 20.02 million tokens, fully backed by euro reserves at CACEIS Bank.
- ▸The token successfully facilitated a subscription for a tokenized Amundi money market fund.
- ▸EURXT joins a competitive European landscape including Société Générale, Circle, and the Qivalis consortium.
Background
Crédit Agricole is a major French international banking group that provides a wide range of financial services, including asset management through its subsidiary Amundi and asset servicing via CACEIS. CACEIS acts as a custodian and administrator for institutional clients, managing the technical and regulatory aspects of financial assets. These institutions are increasingly leveraging blockchain technology to modernize settlement processes and offer tokenized versions of traditional investment products.
Relevance
8.5/10