Overview
- Crédit Agricole’s asset-servicing arm Caceis issued EURXT as a euro‑pegged stablecoin on Ethereum with reserves held 1:1 at Caceis and an initial circulating supply of 20 million tokens.
- The token was immediately used to settle a subscription into a tokenized Amundi money market fund, showing an early institutional use case for on‑chain euro settlement.
- EURXT joins existing euro offerings such as Circle’s EURC and Société Générale’s EURCV and will add to competition with a planned bank consortium token expected later in the year.
- The EU’s MiCA rules have spurred rapid growth in euro stablecoins over the past year, with market capitalization roughly doubling according to industry data even though euro tokens remain a small share of the overall stablecoin market.
- Crédit Agricole says EURXT fits its ACT 2028 tokenization strategy, a move that could lower settlement frictions for institutional clients and prompt other banks and asset managers to integrate on‑chain cash rails.