Crédit Agricole Launches MiCA-Compliant EURXT Stablecoin on Ethereum, 20M Tokens at Debut

Crédit Agricole has launched EURXT, a MiCA-compliant euro stablecoin on Ethereum issued by its asset servicing arm CACEIS as an ERC-20 token. Pegged one-to-one to the euro and backed by cash reserves at CACEIS Bank, approximately 20 million EURXT tokens were in circulation at launch, initially available to institutional investors and corporate clients.

The stablecoin has already been used to settle subscriptions into an Amundi tokenized money market fund, marking the first euro stablecoin settlement for a Luxembourg UCITS fund in Europe. Crédit Agricole said the blockchain-based asset aims to reduce settlement times and improve operational efficiency for asset managers and institutional clients.