Europe’s euro stablecoin race just got a new entrant, and this one comes with a balance sheet the size of a small country behind it.
Crédit Agricole, one of France’s largest banks, launched EURXT on July 1, 2026, through its asset-servicing arm CACEIS. The token is a euro-pegged stablecoin built on Ethereum, fully backed at a 1:1 ratio, and structured as an electronic money token under the EU’s MiCA regulatory framework.
The initial supply came in at 20.02 million tokens, equivalent to roughly €20 million, with reserves held directly at CACEIS Bank.
What makes this launch different
The token’s first use case was the settlement of a subscription to an Amundi tokenized money market fund, a Luxembourg-domiciled UCITS vehicle. That makes it the first reported European settlement of this kind, where a regulated euro stablecoin was used to complete a subscription into a tokenized fund on-chain.
The stablecoin is being rolled out initially to institutional and corporate clients of CACEIS, with a minimum subscription requirement of €10,000.
Olivier Gavalda, CEO of CACEIS, described EURXT as a “stable, secure payment instrument” built to comply with current European regulations.
The broader euro stablecoin landscape
Crédit Agricole is not the first major European bank to go down this road. Société Générale launched EURCV, its own euro-denominated token, and has been one of the more active traditional finance institutions in the tokenized asset space.
The ACT 2028 label attached to this launch is Crédit Agricole’s medium-term strategic plan for digital finance. The EURXT launch is positioned as a foundational piece of that broader push.
What this means for investors and the market
Amundi is one of Europe’s largest asset managers, and its money market funds are the kind of low-risk, high-liquidity instruments that institutional investors park cash in regularly. Tokenizing that product and settling subscriptions with a euro stablecoin is a meaningful step toward making tokenized funds a genuine alternative to their traditional counterparts.
The minimum €10,000 subscription threshold keeps retail participants out for now, but that also keeps the regulatory complexity lower and the client base more manageable as the bank builds out the product.