Crédit Agricole, France’s second-largest bank by assets, launched a euro-pegged stablecoin called EURXT on July 1, the same day the European Union’s crypto rulebook took full effect. The token, short for EURO eXchange Token, went live on Ethereum with an initial supply of 20.02 million tokens and is backed one-to-one by euro cash held on the balance sheet of CACEIS Bank, the group’s asset-servicing arm. CACEIS issued the token weeks after securing its crypto-asset service provider license under MiCA. The launch puts one of Europe’s largest banks directly into a euro stablecoin race that already includes Circle and Société Générale.
A stablecoin is a crypto token designed to hold a fixed value, in this case one euro, by keeping matching reserves in cash or equivalents. EURXT is classified under MiCA as an electronic money token, a regulated category for stablecoins pegged to a single fiat currency.
Key takeaways
- Crédit Agricole issued EURXT, a MiCA-compliant euro stablecoin, through its CACEIS unit on Ethereum with 20.02 million tokens in circulation at launch.
- The coin is backed one-to-one by euro cash on CACEIS Bank’s balance sheet and targets institutional and corporate clients, not retail traders.
- Its first live transaction settled a subscription into a tokenized Amundi money market fund, which the bank calls the first such settlement of a tokenized UCITS fund in Europe using a euro stablecoin.
- EURXT arrives on MiCA’s July 1 enforcement date and joins competitors including Circle’s EURC, Société Générale’s EURCV, and a 37-bank consortium named Qivalis.
Published: July 1, 2026 16:00 UTC
Why a major bank is issuing its own stablecoin
EURXT is aimed at institutional and corporate clients rather than everyday crypto users, positioning it as settlement infrastructure instead of a trading chip. Crédit Agricole frames the token as part of its ACT 2028 strategic plan, which includes building blockchain-based settlement and asset-servicing tools.
The bank’s first use of the token was concrete. EURXT settled a subscription into a tokenized share of an Amundi money market fund, a deal CACEIS describes as the first subscription to a tokenized UCITS money market fund in Europe paid with a euro-denominated stablecoin. A tokenized fund is a traditional investment fund whose shares are represented as blockchain tokens, allowing them to move and settle onchain. Amundi is Europe’s largest asset manager and a Crédit Agricole affiliate, giving the bank a captive first customer.
“With EURXT, we are placing at their disposal a stable, secure payment instrument that complies with the latest European regulatory requirements,” said Olivier Gaval of CACEIS.
What it means for the euro stablecoin market
Euro stablecoins remain a fraction of the roughly $175 billion stablecoin market, which is dominated by dollar-pegged tokens. EURXT enters a field that already includes Circle’s EURC and Société Générale’s EURCV, and a group of 37 European banks operating as Qivalis has said it plans to launch a competing euro stablecoin later this year. It follows a wave of bank and asset-manager moves into tokenized products, from New York Life’s tokenized bond fund to stablecoin rollouts such as Ripple’s RLUSD in Japan.
The distinction with EURXT is who stands behind it. Reserves sit on a regulated bank’s balance sheet rather than with a fintech issuer, which may appeal to corporate treasurers weighing counterparty risk. For asset managers, a bank-issued euro token that settles fund transactions onchain could shorten settlement times and cut reconciliation work compared with legacy payment rails.
The move also signals where European incumbents see tokenization heading. Rather than treating stablecoins as a retail payments product, banks are using them to plumb wholesale flows between funds, custodians, and institutional investors.
The MiCA timing is not a coincidence
The launch landed on the day MiCA’s transitional period expired across the European Economic Area. As of July 1, only stablecoins authorized under MiCA may be offered or admitted to trading on EU-regulated platforms, and any crypto service provider operating without a full license is in breach of EU law. Tether’s USDT, the largest stablecoin globally, remains shut out of regulated EU markets after declining to pursue authorization. The compliance squeeze has already reshaped access, with exchanges such as Binance pulling back from EU licensing routes ahead of the deadline.
That regulatory cliff hands an advantage to compliant, bank-issued tokens. By clearing the CASP license and the electronic money token rules before day zero, Crédit Agricole positioned EURXT to operate freely in EU markets while unlicensed rivals face wind-downs or exits. Expect more European banks to follow with their own MiCA-compliant euro tokens, with the Qivalis consortium the next test of whether a bank coalition can match a single incumbent’s speed to market.
Frequently asked questions
What is Crédit Agricole’s EURXT stablecoin?
EURXT, or EURO eXchange Token, is a euro-pegged stablecoin issued on Ethereum by CACEIS, Crédit Agricole’s asset-servicing arm. It is backed one-to-one by euro cash and classified as a MiCA-compliant electronic money token for institutional and corporate use.
How is EURXT different from Circle’s EURC?
Both are MiCA-compliant euro stablecoins, but EURXT is issued by a regulated bank with reserves on CACEIS Bank’s balance sheet, while EURC is issued by fintech firm Circle. EURXT also targets institutional settlement rather than retail trading.
Why did Crédit Agricole launch EURXT on July 1?
July 1, 2026 marked the end of MiCA’s transitional period, after which only licensed, MiCA-authorized stablecoins can operate on EU-regulated platforms. Launching a compliant token on that date lets EURXT trade freely while unlicensed rivals face restrictions.
