TL;DR
- Crédit Agricole launched EURXT through CACEIS, issuing a euro-backed Ethereum stablecoin aimed at institutional investors and corporate clients.
- At launch, 20.02 million EURXT were in circulation, matched by about €20.02 million in reserves held by CACEIS Bank.
- EURXT is tied to MiCA compliance, ACPR authorization and a first subscription into a tokenized Amundi Money Market Fund as competition rises further, and has no hard cap under its demand-based supply model.
Crédit Agricole has moved further into tokenized finance with the launch of EURXT, a euro-backed stablecoin issued through its asset servicing arm, CACEIS. The EURO eXchange Token is live on Ethereum, pegged 1:1 to the euro and classified as an electronic money token for institutional investors and corporate clients. The launch also included a first subscription using EURXT into a tokenized Amundi Money Market Fund. The notable signal is that one of Europe’s largest banking groups is testing stablecoins through fund access, not just payments rhetoric, giving the token an immediate use case beyond simple balance transfers.
The structure is deliberately institutional. EURXT is issued by CACEIS, the Crédit Agricole and BPCE-owned asset servicing group, and forms part of a wider push into tokenized assets. The stablecoin has no hard cap, according to the project white paper, meaning issuance can expand through the smart contract system as demand changes. At launch, the project website showed 20.02 million EURXT in circulation, matched by roughly €20.02 million in reserves held by CACEIS Bank. In practical terms, the supply model is designed to follow demand, while keeping reserve backing central for clients evaluating stability.
MiCA Gives EURXT Its Regulatory Test
The regulatory layer is just as important as the technology. EURXT launches under the European Union’s Markets in Crypto-Assets framework, better known as MiCA, after CACEIS secured a crypto-asset service provider license from French regulators in June 2025. The electronic money token approval was not yet visible on ESMA’s register, which was shown as last updated on June 26. However, CACEIS said France’s ACPR had authorized CACEIS Bank to issue EURXT. That makes the launch a test of Europe’s new stablecoin plumbing, where approvals, licenses and registers still move unevenly for issuers across European markets now.
EURXT also lands in a more crowded European stablecoin field. Traditional finance firms and crypto-native companies are racing to issue regulated digital dollars and euros as tokenized settlement becomes less experimental. The report pointed to AllUnity’s MiCA-compliant stablecoin stack in Europe and Quantoz Payments’ continued rollout of euro-denominated stablecoins, while U.S. companies have backed Open USD. For Crédit Agricole, EURXT turns tokenization into a bank-led product channel, linking reserve-backed euros, Ethereum settlement and money market fund access at a moment when European regulation is forcing stablecoin issuers into clearer structures and sharper competition.
