Crédit Agricole has launched a euro-backed stablecoin, introducing 20.02 million EURO eXchange Tokens (EURXT) on the Ethereum blockchain as part of a broader push into tokenized finance. The tokens are fully backed 1:1 by approximately €20.02 million held at CACEIS Bank, the group’s asset servicing arm, and are designed primarily for institutional and corporate use.
First use highlights real-world application
The rollout coincided with the first subscription into a tokenized Amundi Money Market Fund using EURXT, marking an immediate real-world use case. The initial transaction was carried out with Ant International, enabling the firm to manage intra-group liquidity and treasury operations in real time through tokenized fund shares.
This early deployment signals a shift from experimentation toward operational adoption, with blockchain-based settlement addressing concrete efficiency needs in corporate finance.
Designed for scalability and settlement
According to its white paper, EURXT has no fixed issuance cap. Supply expands automatically through smart contracts in response to demand, positioning the token as a scalable on-chain cash equivalent rather than a speculative cryptocurrency.
The design suggests a focus on high-volume financial activity, particularly the settlement of tokenized securities and real-world assets, where instant and flexible liquidity is essential.
MiCA framework enables rollout
CACEIS secured a Markets in Crypto-Assets (MiCA) license from France’s Autorité de Contrôle Prudentiel et de Résolution in June 2025, allowing it to issue the stablecoin under the European Union’s unified digital asset rules. Although not immediately reflected in the European Securities and Markets Authority register as of late June, the authorization enables passporting services across the bloc.
MiCA, now fully in force, is rapidly reshaping the regional market. By June 2026, licensed platforms accounted for roughly 83% of cryptocurrency trading volume in Europe, highlighting swift alignment with the regulatory framework.
Rising demand for euro stablecoins
Market data points to accelerating demand for regulated euro-denominated digital assets. Monthly transfer volumes for compliant euro stablecoins have surged from about $270 million to $8 billion over the past year. At the same time, total market capitalization for euro-pegged tokens has grown by more than 600% since 2022.
These trends reflect growing adoption of blockchain-based payment and settlement systems within traditional financial infrastructure.
Banks intensify push into tokenization
Crédit Agricole’s move is part of a wider effort by established banks to build tokenized financial rails in Europe. HSBC and BNP Paribas have joined blockchain initiatives focused on real-world asset tokenization, while Societe Generale has already issued its own euro stablecoin.
Other firms are also expanding MiCA-compliant offerings. AllUnity is developing regulated euro and krona stablecoins, and Quantoz Payments continues to issue euro-denominated tokens across multiple blockchains. Separately, a consortium of 37 European banks is backing another euro stablecoin project.
Global competition accelerates
Similar developments are unfolding globally. In the United States, more than 140 companies, including Visa and Mastercard, have joined the Open USD initiative, which allows participants to mint dollar-backed stablecoins and share yield generated from reserves.
The scale of adoption is already significant. Visa reported stablecoin settlement activity running at roughly $7 billion as of March 2026. The emergence of competing models, including those distributing reserve returns to network participants, signals intensifying competition to define the future of digital money flows.
Together, these developments point to a broader transformation, as banks and payment providers increasingly integrate blockchain technology into core financial systems.
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