Crédit Agricole launches EURXT euro stablecoin via CACEIS

CACEIS Bank, the asset-servicing arm of Crédit Agricole, issued EURXT on July 1, 2026. The Euro eXchange Token is a euro-denominated electronic money token issued under MiCA Title III and deployed on the Ethereum blockchain. CACEIS initially issued about €20 million of EURXT with a €10,000 minimum subscription aimed at institutional and corporate clients.

Each EURXT token is backed 1:1 by euro reserves held on CACEIS’s balance sheet. The reserves include cash and up to 70% in highly liquid securities, meeting the liquidity standards set out for electronic money token issuers under MiCA. Because the reserves are accounted for on CACEIS’s books rather than held in a separate trust, token holders would be unsecured creditors in the unlikely event of CACEIS insolvency.

The first on-chain transaction using EURXT was a subscription to a tokenized money market fund managed by Amundi. Amundi manages about €2.1 trillion in assets. The transaction routed EURXT directly into the fund’s tokenized share class and completed on-chain, providing near-instant settlement and automated reconciliation compared with traditional bank transfer and manual reconciliation processes.

EURXT launched on the same day that MiCA’s transitional grandfathering period ended. From July 1, 2026, non‑MiCA‑compliant stablecoins were no longer available on regulated EU platforms and MiCA-authorized single-currency euro stablecoins began operating under the full Title III framework.

CACEIS serves as a custody and asset-servicing provider with approximately €4.6 trillion in assets under custody. That client base provides immediate distribution channels for EURXT to buy‑side clients without building separate sales infrastructure. CACEIS has indicated plans to open the token to retail investors at a later stage.

EURXT joins about a dozen euro electronic money tokens authorized under MiCA. Circle’s EURC remains the largest euro stablecoin by supply among MiCA-authorized products. EURXT is issued by a bank’s asset-servicing subsidiary rather than by a standalone payments company or crypto-native issuer, and it uses an internal reserve segregation model that is common among bank-issued electronic money tokens in Europe.

The token’s issuance on Ethereum aligns with the blockchain most used for institutional euro settlement in Europe. Institutional clients evaluating euro stablecoins will consider the reserve structure and the legal protections for token holders as primary factors when choosing a settlement instrument.