Crédit Agricole has launched EURXT, a euro-backed stablecoin, and used it to settle the first subscription into a tokenized money market fund in Europe. The token runs on Ethereum, holds a 1:1 euro peg, and complies with the EU’s MiCA rules.
Crédit Agricole S.A. has issued a euro-denominated stablecoin called EURXT and used it to settle its first live fund subscription. According to the bank’s announcement, the token was issued through CACEIS, its asset servicing arm, on the Ethereum blockchain, follows the ERC-20 standard, and carries a 1:1 peg to the euro. It complies with the European Union’s Markets in Crypto-Assets regulation, known as MiCA.
A European first for fund settlement
CACEIS used EURXT to settle a client subscription into the Amundi Money Market Fund, a Luxembourg-domiciled UCITS fund. Crédit Agricole and CACEIS describe it as the first time a tokenized UCITS money market fund has been settled in a euro stablecoin at the European level.
The transaction shows how asset managers can use tokenization to speed up settlement, which in Europe often takes multiple days to clear. EURXT reserves consist entirely of cash held on CACEIS Bank’s balance sheet, and the bank publishes their size and makeup, along with a white paper, on a dedicated website.
Institutional clients get first access
For now EURXT is limited to institutional investors and corporate clients of CACEIS, and the bank has not announced a timeline for retail access. CACEIS brings scale to the launch, holding 5.9 trillion euros in assets under custody and 3.7 trillion euros in assets under administration as of December 31, 2025.
Olivier Gavalda, chief executive of Crédit Agricole S.A., tied the launch to the bank’s ACT 2028 medium-term plan, which targets more than 8.5 billion euros in net income by 2028. He called the token a step toward “the next generation of financial services.”
The launch adds a regulated, bank-issued euro stablecoin to a market dominated by U.S. dollar-pegged tokens like USDT and USDC. Crédit Agricole has not disclosed the size of the initial EURXT issuance tied to the Amundi fund subscription.
Source: Bitcoin.com News
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