French banking giant Crédit Agricole launches EURXT euro stablecoin

Published Jul 1, 2026

Crédit Agricole, Europe’s third-largest bank by assets, has launched the EURO eXchange Token (EURXT), a euro-backed stablecoin issued through its asset servicing arm, Crédit Agricole Caisse d’Epargne Investor Services (CACEIS).

CACEIS announced the launch on Wednesday, alongside the first subscription using EURXT into a tokenized Amundi Money Market Fund.

Issued on the Ethereum blockchain, EURXT is an electronic money token (EMT) pegged 1:1 to the euro. It is initially targeted at institutional investors and corporate clients as part of Crédit Agricole’s plan to accelerate its push into tokenized finance.

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.

Reserves and supply structure

According to the project’s white paper, there is no hard cap on EURXT issuance. The number of EURXT in circulation will depend on market demand.

At launch: 20.02 million EURXT tokens in circulation, matched by roughly 20.02 million euros in reserves held by CACEIS Bank.

Regulatory compliance

EURXT launches in compliance with Markets in Crypto-Assets (MiCA). CACEIS secured a MiCA crypto-asset service provider (CASP) license from French regulators in June 2025.

A CACEIS spokesperson told Cointelegraph that the French banking regulator ACPR has authorized CACEIS Bank to issue EURXT; the ESMA register had not yet been updated as of June 26.

The launch adds to growing competition among traditional financial institutions exploring stablecoins. In Europe, AllUnity and Quantoz Payments continue rolling out MiCA-compliant euro stablecoins. In the US, more than 140 companies joined the Open USD (OUSD) stablecoin project.

Crédit Agricole frames EURXT as settlement infrastructure for corporates and institutions moving money between tokenized products, not a retail crypto trading instrument. EURXT falls under the bank’s ACT 2028 medium-term plan targeting more than 8.5 billion euros net income by 2028, with tokenized finance alongside AI and data as technology priorities.

CACEIS used EURXT to settle a client subscription into the Amundi Money Market Fund, a Luxembourg-domiciled UCITS fund — described as the first tokenized UCITS money market fund settled in a euro stablecoin at the European level.