EURXT has been introduced with 20 million tokens in circulation, fully backed by euro reserves at Caceis Bank, positioning itself against Circle's EURC and SocGen's EURCV.
By Francisco Rodrigues|Edited by Sheldon Reback Jul 1, 2026, 1:50 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Credit Agricole has entered the euro-pegged stablecoin market. (Kwami Fattah Al Sissi/Unsplash)SummaryShow- Crédit Agricole launched the EURO eXchange Token (EURXT), a euro-pegged stablecoin compliant with the MiCA framework, issued by its asset-servicing division, Caceis.
- Initially, 20 million EURXT tokens are in circulation, each backed 1:1 by euro reserves at Caceis Bank, as stated on the project's website.
- This new token enters a competitive market already featuring SocGen's EURCV and Circle's EURC, alongside a consortium of 37 banks known as Qivalis.
Crédit Agricole (ACA), France's second-largest bank in terms of assets, has introduced a euro-pegged stablecoin to contend with offerings from smaller rival Société Générale (GLE) and Circle Internet (CRCL). This move also coincides with Qivalis, a coalition of 37 European banks, which is set to launch its own stablecoin later this year.
The EURO eXchange Token (EURXT) is pegged 1:1 to the euro and adheres to the European Union’s Markets in Crypto-Assets (MiCA) regulations, as noted on the website of Caceis Bank, which is responsible for issuing the token. It has already been utilized for transactions, including a subscription to a tokenized Amundi money market fund.
Currently, there are 20 million EURXT tokens on Ethereum, fully backed by euro reserves held at Caceis Bank. This contrasts with approximately 378 million of Circle's EURC and 124 million of SocGen's EURCV.
The euro stablecoin sector has seen significant growth since the MiCA regulations were enacted a year ago, with market capitalization more than doubling in just 12 months, according to a DECTA report. However, it remains relatively small compared to the U.S. dollar-pegged token market, which is primarily led by Tether's USDT and Circle's USDC, comprising only 0.5% of the overall market share.
Amundi, a major asset manager in the region, oversees 2.4 trillion euros ($2.73 trillion) in assets. The company launched a tokenized share class for its main euro cash fund on Ethereum last year.
According to Crédit Agricole, the launch of EURXT aligns with its ACT 2028 initiative, which aims to broaden its involvement in tokenized finance.