French banking giant Crédit Agricole rolls out euro stablecoin, EURXT
CoinDesk 2026-07-01 13:50:24
Context: Crédit Agricole, France's second-largest bank by assets, has introduced a euro-pegged stablecoin called EURO eXchange Token (EURXT) on Ethereum, complying with the European Union's Markets in Crypto-Assets (MiCA) framework. The token is backed 1:1 by euro reserves at Caceis Bank and has debuted with 20 million tokens in circulation. This move is part of Crédit Agricole's ACT 2028 plan, which includes a broader push into tokenized finance.
Key Facts
- Crédit Agricole's EURO eXchange Token (EURXT) is a MiCA-compliant stablecoin issued on Ethereum by its asset-servicing arm, Caceis Bank, and is pegged 1:1 to the euro.
- EURXT debuted with 20 million tokens in circulation, backed 1:1 by euro reserves at Caceis Bank, and competes with Circle's EURC and SocGen's EURCV.
- The token has already been used to settle a subscription into a tokenized Amundi money market fund, with Amundi being one of the region's largest asset managers with 2.4 trillion euros ($2.73 trillion) in assets under management.
- The euro stablecoin market has grown substantially since MiCA rules governing the tokens took effect a year ago, with market capitalization more than doubling in 12 months, according to a DECTA study.
- There are currently 378 million of Circle's EURC and 124 million of SocGen's EURCV in circulation, compared to 20 million of Crédit Agricole's EURXT.