Key Takeaways
Crédit Agricole, France's second-largest bank, launched EURXT, a euro-pegged stablecoin issued on Ethereum by its CACEIS arm and backed one-to-one by euro reserves.
The bank used EURXT to settle a subscription into a tokenized Amundi money market fund, calling it the first euro-stablecoin settlement of a tokenized fund in Europe.
EURXT is MiCA-compliant and arrives the same week Europe's crypto rulebook took full effect, entering a euro-stablecoin market still dwarfed by dollar tokens.
Crédit Agricole has issued its own euro stablecoin, and it put the token to work on day one.
The bank, France's second-largest by assets, launched the EURO eXchange Token, or EURXT, on July 1 through CACEIS, its asset-servicing arm. The token runs on Ethereum, follows the ERC-20 standard, and is backed one-to-one by euro cash held on the CACEIS Bank balance sheet. It debuted with about 20 million tokens in circulation, according to CACEIS.
The first issuance was not a demo. Crédit Agricole used EURXT to settle a subscription into a tokenized Amundi money market fund, which it called the first time a tokenized Luxembourg fund was settled in a euro stablecoin at the European level. Amundi is one of the region's largest asset managers, with 2.4 trillion euros under management.
Olivier Gavalda, the bank's chief executive, described EURXT as "a stable, secure payment instrument that complies with the latest European regulatory requirements." The token is a MiCA-compliant electronic money token, and it arrives the same week the EU's crypto rulebook took full effect.
EURXT enters a crowded and still-small field. It competes with Circle's EURC, at about 378 million tokens, and Société Générale's EURCV, at about 124 million, per CoinDesk. A group of 37 European banks is planning its own euro coin later this year. Euro stablecoins have more than doubled in the past year, but they still hold about half a percent of a market dominated by dollar tokens.
A major European bank is now settling real fund flows on-chain, the same lane WYDE has tracked through Europe's MiCA deadline and the launch of Open USD. The most notable part of this is who is doing it, and how quietly. Worth watching.
People Also Ask
What is EURXT?
EURXT, the EURO eXchange Token, is a euro-pegged stablecoin launched by Crédit Agricole on July 1, 2026. It is issued on the Ethereum blockchain by the bank's CACEIS arm and backed one-to-one by euro reserves.
Is EURXT compliant with MiCA?
Yes. Crédit Agricole issued EURXT as an electronic money token that complies with the European Union's Markets in Crypto-Assets regulation, which took full effect across the bloc this week.
What was EURXT first used for?
Its first issuance settled a subscription into a tokenized Amundi money market fund. Crédit Agricole called it the first time a tokenized Luxembourg fund was settled in a euro stablecoin at the European level.
How big is the euro stablecoin market?
Euro stablecoins have more than doubled over the past year but still hold roughly half a percent of the stablecoin market, which is dominated by dollar tokens such as Tether's USDT and Circle's USDC.