Crédit Agricole Launches MiCA-Compliant Euro Stablecoin EURXT on Ethereum

Crédit Agricole S.A. has launched a euro-backed stablecoin called EURXT and used it to settle the first subscription into a tokenized money market fund in Europe.

The bank issued the token through CACEIS, its asset servicing arm, on the Ethereum blockchain. EURXT follows the ERC-20 standard and carries a 1:1 peg to the euro. The token complies with the European Union’s Markets in Crypto-Assets regulation (MiCA).

CACEIS used EURXT to settle a client subscription into the Amundi Money Market Fund, a Luxembourg-domiciled UCITS fund. Crédit Agricole and CACEIS describe it as the first time a tokenized UCITS money market fund has been settled in a euro stablecoin at the European level. The transaction demonstrates how asset managers can use tokenization to speed up settlement and reduce manual steps in fund subscriptions.

EURXT reserves consist entirely of cash held on CACEIS Bank’s balance sheet. Crédit Agricole publishes the size and makeup of those reserves, along with a white paper, on a dedicated website.

Olivier Gavalda, chief executive of Crédit Agricole S.A., linked the launch to the bank’s ACT 2028 medium-term plan. He said the token gives clients “a stable, secure payment instrument that complies with the latest European regulatory requirements.”

EURXT is currently limited to institutional investors and corporate clients of CACEIS. The bank has not announced a timeline for retail access. CACEIS holds 5.9 trillion euros in assets under custody and 3.7 trillion euros in assets under administration. Amundi, the fund manager involved, manages close to 2.4 trillion euros.

The EURXT launch adds a regulated, bank-issued euro stablecoin to a market dominated by U.S. dollar-pegged tokens like USDT and USDC. MiCA compliance gives EURXT a regulatory foundation that some competing stablecoins lack in the EU. CACEIS says clients can track reserve composition directly on the project’s website.

Crédit Agricole has not disclosed the size of the initial EURXT issuance tied to the Amundi fund subscription. The launch fits into a broader pattern among European banks and asset managers moving fund operations on-chain.

Source: https://news.bitcoin.com/credit-agricole-worlds-largest-cooperative-bank-launches-stablecoin-eurxt/