Crédit Agricole launches EURXT euro stablecoin

• Crédit Agricole launched the EURXT euro-backed stablecoin on Ethereum (CRYPTO:ETH) through its CACEIS unit, targeting institutional investors and corporate clients.
• The stablecoin debuted with 20.02 million tokens in circulation, backed one-for-one by approximately €20.02 million in reserves.
• The launch expands the bank's tokenisation strategy as regulated financial institutions increase their use of blockchain-based settlement under the European Union's MiCA framework.

Crédit Agricole, through its CACEIS asset servicing division, launched the EURXT euro-backed stablecoin on the Ethereum (CRYPTO:ETH) blockchain with an initial supply of 20.02 million tokens backed by approximately €20.02 million in reserves.

The launch included the first subscription into a tokenised Amundi Money Market Fund using EURXT and follows CACEIS receiving a Crypto-Asset Service Provider licence in France in June 2025 under the European Union's Markets in Crypto-Assets framework.

According to CACEIS, EURXT is an electronic money token pegged one-for-one to the euro and is designed for institutional investors and corporate clients.

The project's white paper states there is no maximum supply of EURXT, with future issuance expected to depend on market demand, while CACEIS said the French banking regulator has authorised the bank to issue the stablecoin.

The launch adds to increasing competition among banks developing regulated stablecoins and tokenised financial products, with HSBC and BNP Paribas also expanding tokenisation initiatives through the Canton Foundation.

CACEIS said the stablecoin complies with the European Union's MiCA framework, although the European Securities and Markets Authority's public register had not yet been updated to reflect the electronic money token authorisation at the time of publication.

The launch comes as financial institutions and digital asset companies continue introducing regulated euro- and dollar-backed stablecoins to support blockchain-based payments, settlement and tokenised investment products.

At the time of reporting, Ethereum price was $1,598.17.