Crédit Agricole launches EURXT euro stablecoin on Ethereum
In brief
- Crédit Agricole launched EURXT, a euro stablecoin pegged 1:1 to the euro with 20 million tokens on Ethereum
- EURXT complies with EU Markets in Crypto-Assets (MiCA) framework and is backed by Caceis Bank reserves
- The stablecoin settled a subscription into a tokenized Amundi money market fund
- Euro stablecoins represent 0.5% of the overall stablecoin market but have grown substantially since MiCA took effect
Market positioning
EURXT competes directly with established euro stablecoin rivals. Circle's EURC has approximately 378 million tokens in circulation, while Société Générale's EURCV holds roughly 124 million. Despite the competitive landscape, euro stablecoins represent just 0.5% of the overall stablecoin market share, dwarfed by dollar-pegged alternatives like Tether's USDT and Circle's USDC.
The euro segment itself has expanded rapidly. The euro stablecoin market capitalization more than doubled in 12 months following MiCA rules implementation, signaling institutional appetite for regulated euro-denominated on-chain assets.
Real-world application
EURXT has already been used to settle a subscription into a tokenized Amundi money market fund. Amundi, one of the region's largest asset managers, holds 2.4 trillion euros in assets under management. The firm debuted a tokenized share class for its flagship euro cash fund on Ethereum last year, creating a natural use case for EURXT settlements.
Strategic fit
Crédit Agricole said the token fits into its ACT 2028 plan, which includes a broader push into tokenized finance. The move reflects a wider shift among European banks toward blockchain infrastructure. Qivalis, a group of 37 European banks, plans to introduce its own euro stablecoin contender later this year, signaling that euro stablecoin competition will intensify.
Crédit Agricole's entry underscores how traditional finance is integrating tokenized rails. With MiCA now live, euro stablecoins have a regulatory pathway that many jurisdictions still lack. That clarity is attracting heavyweight players.
