Overview
- CACEIS, Crédit Agricole’s asset-servicing arm, launched the EURO eXchange Token (EURXT) as an ERC-20 on Ethereum and placed about 20.02 million tokens into circulation backed 1:1 by euro reserves held at CACEIS Bank.
- The issuer says EURXT complies with the EU’s Markets in Crypto-Assets rules and that France’s banking regulator has authorized CACEIS Bank to issue the token, though an EU public registry entry may appear later.
- EURXT was used to settle a subscription into a tokenized Amundi money market fund, demonstrating the token’s initial use case for institutional cash management and on‑chain fund settlement.
- The launch adds a bank-backed option to a small but growing euro stablecoin market that already includes Circle’s EURC and Société Générale’s EURCV and faces the risk of fragmented liquidity across multiple issuers.
- Crédit Agricole frames EURXT as part of its ACT 2028 push into tokenized finance, with the choice of Ethereum intended to ease integration with existing tokenized funds and institutional decentralised finance workflows.