French Banking Giant Launches MiCA-Compliant Stablecoin On Ethereum

CACEIS Brings Institutional Euro Stablecoin to Ethereum

Crédit Agricole, Europe's third-largest bank by assets, has launched the EURO eXchange Token (EURXT), a euro-backed stablecoin issued through its asset-servicing arm, Crédit Agricole Caisse d'Epargne Investor Services (CACEIS). The token is designed for institutional and corporate clients as part of the group's broader push into tokenized financial infrastructure.

Compliant with the EU's Markets in Crypto-Assets (MiCA) regulatory guidelines, EURXT launched with an initial circulating supply of 20.02 million tokens on Ethereum using the ERC-20 standard, backed 1:1 by euro-denominated cash held on CACEIS Bank's balance sheet. According to the project's white paper, there is no hard cap on EURXT issuance, meaning the supply can expand based on demand through its smart contract system.

One notable feature is that this is a bank-issued EMT, where the CACEIS balance sheet backs the token, with plans to segregate reserves internally, including CACEIS cash and up to 70% in highly liquid securities. The minimum subscription amount is set at €10,000, keeping the product firmly within institutional territory for now. The token will initially be made available to institutional and corporate clients of CACEIS, though the project's website indicates plans to support retail investors in the future.

First Use Case and Broader Market Context

Alongside the EURXT launch, Crédit Agricole announced the first subscription via EURXT into a tokenised Amundi money market fund, described as a European first. The token forms part of the group's ACT 2028 strategy, which includes the development of blockchain-based settlement and asset servicing tools.

The launch comes a year after CACEIS secured a MiCA crypto-asset service provider (CASP) license from French regulators in June 2025. The launch of EURXT adds to a wave of fresh stablecoin launches both in Europe and globally as traditional finance and crypto-native companies compete to issue regulated digital euros and dollars. HSBC and BNP Paribas, Europe's top two banks by assets, last September joined the Canton Foundation to accelerate tokenization of institutional real-world assets, while a separate consortium of major European lenders including ING, UniCredit, and BNP Paribas is also preparing a competing MiCA-compliant euro stablecoin under the Qivalis venture.

For Crédit Agricole, the EURXT debut represents a concrete step beyond regulatory preparation. With a fully operational EMT on a public blockchain, the bank is positioning CACEIS as a gateway for institutional capital flows into tokenized markets under Europe's mature MiCA framework.

Sources
Cointelegraph: Crédit Agricole Launches EURXT Stablecoin On Ethereum
Ledger Insights: Crédit Agricole launches euro stablecoin via CACEIS
CACEIS Official Announcement