Crédit Agricole, France's second-largest bank, has launched the EURO eXchange Token (EURXT), a euro-pegged stablecoin on Ethereum issued by its asset-servicing arm Caceis. The token debuted with 20 million in circulation, backed 1:1 by euro reserves at Caceis Bank, and is compliant with the EU's MiCA framework. EURXT joins a market with competitors like Société Générale's EURCV (124 million supply) and Circle's EURC (378 million supply). The token has already been used to settle a subscription into a tokenized Amundi money market fund. The euro stablecoin market has more than doubled in the past year since MiCA took effect, but remains tiny compared to dollar-pegged stablecoins (0.5% market share). Crédit Agricole's move aligns with its ACT 2028 plan, pushing into tokenized finance.

Key facts

• Crédit Agricole launches EURXT, a euro-pegged stablecoin on Ethereum, MiCA-compliant.
• EURXT has 20 million tokens in circulation, backed 1:1 by euro reserves at Caceis Bank.
• Competitors include Société Générale's EURCV (124M) and Circle's EURC (378M).
• EURXT used to settle a subscription into a tokenized Amundi money market fund.
• Euro stablecoin market doubled in a year, yet only 0.5% of dollar-pegged market.

KeyAudit data perspective