Crédit Agricole launches EURXT euro stablecoin on Ethereum
In brief
- CACEIS launched EURXT, a 1:1 euro-backed stablecoin on Ethereum with 20.02 million tokens at launch.
- EURXT targets institutional investors and corporate clients seeking tokenized asset exposure.
- Stablecoin operates under EU Markets in Crypto-Assets (MiCA) rules with French regulatory authorization.
- First transaction used EURXT to subscribe into a tokenized Amundi Money Market Fund.
- Supply expands based on demand with no hard cap on EURXT issuance.
Launch and Issuance
CACEIS announced the launch on Wednesday, alongside the first subscription using EURXT into a tokenized Amundi Money Market Fund. According to data from the project's website, there are 20.02 million EURXT tokens in circulation at launch, matched by roughly 20.02 million euros in reserves held by CACEIS Bank.
The token functions as an electronic money token (EMT) under EU regulation. The French banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has authorized CACEIS Bank to issue EURXT.
Regulatory Compliance and Market Context
The EURXT stablecoin launches in compliance with Markets in Crypto-Assets (MiCA), the European Union's crypto regulatory framework. CACEIS secured a MiCA crypto-asset service provider (CASP) license from French regulators in June 2025, clearing the path for this launch. The move reflects broader institutional interest in tokenized assets.
HSBC and BNP Paribas, Europe's top two banks by assets, last September joined the Canton Foundation to accelerate tokenization of institutional real-world assets. Crédit Agricole's entry into this space signals that European banking incumbents see stablecoins as core infrastructure for institutional settlement and fund access.
Supply and Mechanics
According to the project's white paper, there is no hard cap on EURXT issuance, meaning the supply can expand based on demand. This differs from fixed-supply tokens and allows CACEIS to mint and burn EURXT as institutional clients subscribe and redeem positions in tokenized funds and other blockchain-native assets.
The stablecoin sits on Ethereum, the largest smart-contract blockchain, giving institutional users access to existing DeFi infrastructure and tokenized asset ecosystems without requiring parallel settlement systems.
Frequently asked questions
What is EURXT and why did Crédit Agricole launch it?
EURXT is a euro-backed stablecoin issued by CACEIS (Crédit Agricole's asset servicing arm) on the Ethereum blockchain. It's pegged 1:1 to the euro and designed to allow institutional investors and corporate clients to access tokenized assets and participate in blockchain-based fund subscriptions without converting to other currencies.
Is EURXT regulated?
Yes. EURXT launches in compliance with the EU's Markets in Crypto-Assets (MiCA) regulatory framework. CACEIS secured a MiCA crypto-asset service provider license from French regulators in June 2025, and the French banking regulator ACPR has authorized CACEIS Bank to issue EURXT.
Can the supply of EURXT grow beyond 20 million tokens?
Yes. According to EURXT's white paper, there is no hard cap on issuance. Supply expands based on market demand as institutional clients subscribe to tokenized funds and other assets, and contracts when they redeem positions.
