Crédit Agricole issues 20 million euro-pegged tokens on Ethereum

Crédit Agricole’s asset-servicing arm Caceis introduced the EURO eXchange Token, a euro-pegged stablecoin issued on Ethereum with 20 million tokens initially in circulation. The token launched with 20 million units in circulation and is backed 1:1 by euro reserves held at Caceis Bank. EURXT complies with the European Union's Markets in Crypto-Assets framework.

It has already been used to settle a subscription into a tokenized Amundi money market fund. Crédit Agricole ranks as France's second-largest bank by assets. The move aligns with the bank's ACT 2028 plan, which includes expanded activity in tokenized finance.

Amundi manages 2.4 trillion euros in assets under management. The asset manager introduced a tokenized share class for its flagship euro cash fund on Ethereum last year. EURXT enters a market that includes Circle's EURC with approximately 378 million tokens in circulation and Société Générale's EURCV with about 124 million tokens.

A group of 37 European banks called Qivalis plans to launch its own euro stablecoin later this year. The euro stablecoin market has more than doubled in market capitalization over the past 12 months since MiCA rules took effect, according to a DECTA study. It still accounts for just 0.5 percent of the overall stablecoin market, which is dominated by U.S.

Dollar-pegged tokens.