Crédit_Agricole Launches EURXT Stablecoin

Crédit Agricole, through its asset servicing arm Crédit Agricole, has launched EURXT, a euro-backed stablecoin on the Ethereum blockchain. This electronic money token (EMT) is pegged 1:1 to the European Union — Euro and is initially targeted at institutional investors and corporate clients. The launch is compliant with the European Union's Markets in Crypto-Assets (MiCA) framework, with Crédit Agricole having secured a MiCA license from French regulators. The first use case involved a subscription into a tokenized Amundi Money Market Fund, showcasing EURXT's role in accelerating tokenized finance. The stablecoin starts with 20.02 million tokens in circulation, backed by equivalent euro reserves held by Crédit Agricole Bank. This initiative positions Crédit Agricole as a key player in the evolving digital asset market, competing with other major banks like HSBC and BNP Paribas that are also exploring tokenization. The European Union — European Central Bank has expressed caution regarding stablecoin regulations, but financial institutions continue to invest in blockchain technology.