[Update July 1, 2:15 pm UTC: The article has been updated to add comments from CACEIS.]
Crédit Agricole, Europe’s third-largest financial institution by belongings, has launched the EURO eXchange Token (EURXT), a euro-backed stablecoin issued by way of its asset servicing arm, Crédit Agricole Caisse d’Epargne Investor Providers (CACEIS).
CACEIS introduced the launch on Wednesday, alongside the primary subscription utilizing EURXT right into a tokenized Amundi Cash Market Fund.
Issued on the Ethereum blockchain, EURXT is an digital cash token (EMT) pegged 1:1 to the euro. It’s initially focused at institutional traders and company purchasers as a part of Crédit Agricole’s plan to speed up its push into tokenized finance.
The launch provides to rising competitors amongst conventional monetary establishments exploring stablecoins and tokenization, as main banks transfer to convey blockchain-based settlement into mainstream monetary markets. HSBC and BNP Paribas, Europe’s high two banks by belongings in keeping with S&P International, final September joined the Canton Basis to speed up tokenization of institutional real-world belongings.
Reserves and provide construction
In line with the venture’s white paper, there isn’t any onerous cap on EURXT issuance, that means the provision can broaden based mostly on demand by way of its good contract system.
“As of the date of the white paper, there isn’t any restrict on the issuance of EURXT. The variety of EURXT in circulation will rely on market demand,” the white paper reads.
Supply: Secure-xt.io
In line with knowledge from the venture’s web site, there are 20.02 million EURXT tokens in circulation at launch, matched by roughly 20.02 million euros in reserves held by CACEIS Financial institution.
CACEIS secured MiCA license in France
The EURXT stablecoin launches in compliance with Markets in Crypto-Property (MiCA), the European Union’s crypto regulatory framework concentrating on crypto exchanges and issuers of digital belongings.
The launch comes a yr after CACEIS secured a MiCA crypto-asset service supplier (CASP) license from French regulators in June 2025.
Supply: Secure-xt.io
Cointelegraph was unable to find the EMT approval on the register by the European Securities and Markets Authority, proven as final up to date on June 26. A spokesperson for CACEIS informed Cointelegraph that the French banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has licensed CACEIS Financial institution to situation EURXT and that the ESMA register has not but been up to date to mirror the authorization.
The launch of EURXT provides to a wave of contemporary stablecoin launches each in Europe and globally as conventional finance and crypto-native corporations compete to situation regulated digital {dollars} and euros.
Associated: OpenPayd secures MiCA license as stablecoin adoption grows in Europe
In Europe, AllUnity has been increasing its MiCA-compliant stablecoin stack, whereas Quantoz Funds continues rolling out euro-denominated stablecoins.
Within the US, greater than 140 corporations, together with Visa, Mastercard, Coinbase and Ripple, have joined the Open USD (OUSD) stablecoin venture, which lets individuals mint the dollar-pegged token without charge and hold all earnings from its reserves.
Journal: Crypto needed to overthrow banks, now it’s changing into them in stablecoin combat
