Crédit Agricole launches EURXT stablecoin as MiCA rules begin
DeFi & Yields ·
The French banking group's euro-pegged token went live on Ethereum the same day the EU's MiCA regulation took full effect, immediately settling a tokenized fund subscription.
Crédit Agricole S.A. has launched EURXT, an electronic money token pegged 1:1 to the euro, issued on the Ethereum blockchain by CACEIS, the group's asset-servicing arm, according to a report on X. CACEIS holds €4.6T in assets under custody. The token, an ERC-20 built to comply with MiCA, is backed by fiat euro reserves consisting exclusively of cash held on CACEIS Bank's balance sheet, and the reserve composition along with an accompanying white paper are published at stable-xt.io.
The launch was paired with the first subscription made via EURXT into a tokenised Amundi money market fund, described as a European first: the first subscription to a tokenised Luxembourg-domiciled UCITS money market fund settled in a euro stablecoin at the European level. The stablecoin is initially available only to institutional investor clients and corporate clients of CACEIS, positioning it as settlement infrastructure for tokenized finance rather than a retail product.
The rollout is framed as part of Crédit Agricole S.A.'s ACT 2028 medium-term plan, which includes accelerating development in tokenised finance. Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A., said the launch of the on-chain digital settlement currency aligns with the group's strategic plan and its ambition to support clients in adopting new settlement standards, adding that EURXT offers a stable, secure, MiCA-compliant payment instrument meant to prepare the ground for the next generation of financial services.
Coverage of the launch, including from CoinDesk, has characterized the move as production infrastructure rather than a pilot, noting the timing alongside MiCA's implementation and the scale of CACEIS's custody business. Multiple accounts of the launch describe it consistently: an ERC-20 euro stablecoin issued by a major European asset servicer, immediately used to settle a live tokenized fund transaction.
What remains unclear from the available material is the pace and scope of EURXT's expansion beyond the initial Amundi fund transaction, whether access will extend beyond institutional and corporate CACEIS clients, and how adoption compares with other euro-denominated stablecoin efforts under the MiCA regime. Volumes settled through EURXT and any additional tokenized fund partnerships are not yet disclosed.