Europe’s third-largest bank just dropped its own stablecoin. Crédit Agricole, through its asset servicing arm CACEIS, launched the EURO eXchange Token (EURXT) on Wednesday. It’s a euro-backed stablecoin on Ethereum, and it’s already being used.
The first subscription went into a tokenized Amundi Money Market Fund. That’s not just a test — it’s live.
EURXT is an electronic money token pegged 1:1 to the euro. Initially it’s targeting institutional investors and corporate clients. No word yet on retail availability.
20.02 million tokens are in circulation at launch, backed by roughly the same amount in euro reserves held at CACEIS Bank. There’s no hard cap on supply — the white paper says issuance will simply expand with demand.
This is part of a bigger trend. Traditional finance is moving into blockchain-based settlement, and fast. HSBC and BNP Paribas joined the Canton Foundation last year for institutional tokenization. Now Crédit Agricole is right there with them.
The stablecoin is MiCA-compliant. CACEIS secured its crypto-asset service provider license from French regulators back in June 2025. The ESMA register hasn’t been updated yet to reflect it, but CACEIS says the ACPR has authorized the issuance.
More regulated stablecoins keep hitting Europe. AllUnity is expanding its MiCA-compliant stack. Quantoz is rolling out euro stablecoins on Algorand. And in the US, over 140 companies including Visa, Mastercard, and Coinbase have joined the Open USD project.
The competition isn’t slowing down.
