Crédit Agricole Joins the Token Game, Because Even Banks Have Token Now 🏦

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). CACEIS announced the launch on Wednesday, alongside the first subscription using EURXT into a tokenized Amundi Money Market Fund. Issued on the Ethereum blockchain, EURXT is an electronic money token (EMT) pegged 1:1 to the euro. It is initially targeted at institutional investors and corporate clients as part of Crédit Agricole's plan to accelerate its push into tokenized finance.

The launch adds to growing competition among traditional financial institutions exploring stablecoins and tokenization, as major banks move to bring blockchain-based settlement into mainstream financial markets. HSBC and BNP Paribas, Europe's top two banks by assets according to S&P Global, last September joined the Canton Foundation to accelerate tokenization of institutional real-world assets.

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. "As of the date of the white paper, there is no limit on the issuance of EURXT. The number of EURXT in circulation will depend on market demand," the white paper reads. According to data from the project's website, there are 20.02 million EURXT tokens in circulation at launch, matched by roughly 20.02 million euros in reserves held by CACEIS Bank.

The EURXT stablecoin launches in compliance with Markets in Crypto-Assets (MiCA), the European Union's crypto regulatory framework targeting crypto exchanges and issuers of digital assets. 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 dollars and euros. In Europe, AllUnity has been expanding its MiCA-compliant stablecoin stack, while Quantoz Payments continues rolling out euro-denominated stablecoins. In the US, more than 140 companies, including Visa, Mastercard, Coinbase and Ripple, have joined the Open USD (OUSD) stablecoin project, which lets participants mint the dollar-pegged token at no cost and keep all earnings from its reserves.