Crédit Agricole launches Euro stablecoin EURXT

Crédit Agricole, France's second-largest banking group, has launched EURXT, a MiCA-compliant euro-pegged stablecoin, through its asset servicing arm CACEIS.

The token was used to complete the first subscription into a tokenised Amundi money market fund.

Unlike standalone stablecoin issuers, Crédit Agricole already owns the distribution channels, institutional clients and infrastructure across capital markets, asset management and custody.

This gives it a way to connect existing digital asset work at Amundi (asset management) and CACEIS (custody) via a native on-chain settlement asset.

Olivier Gavalda, CEO of Crédit Agricole S.A., said the launch aligns with the group’s strategic plan and its ambition to support clients in adopting new settlement standards.

EURXT is issued on Ethereum, built on the ERC-20 standard. It is an electronic money token, backed by 1:1 fiat euro reserves, which are held in cash at CACEIS Bank.

The token is initially only available to institutional investor clients and corporate clients of CACEIS.

EURXT joins a small but growing list of bank-issued euro stablecoins, including Société Générale's EURCV, ODDO BHF's EUROD and Banking Circle's EURI.

As more banks enter the space, competition may shift from simply launching a stablecoin to embedding it across custody, asset management, payments and capital markets.