Crédit Agricole launches EURXT euro stablecoin for institutional settlement

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Crédit Agricole launches EURXT

Highlights

Crédit Agricole launched EURXT, a euro stablecoin for institutional clients.
The token is issued by CACEIS on Ethereum and pegged 1:1 to the euro.
EURXT was used in a subscription to a tokenized Amundi money market fund.
The group says EURXT is compliant with MiCA regulation.

Regulated euro settlement goes on-chain

EURXT, short for EURO eXchange Token, is being issued on the Ethereum blockchain by CACEIS, Crédit Agricole’s asset-servicing arm. The token is structured as an electronic money token pegged 1:1 to the euro and built on the ERC-20 standard, CACEIS reports.

Crédit Agricole said EURXT is compliant with the European Union’s Markets in Crypto-Assets regulation, known as MiCA. The token is initially available to institutional investors and corporate clients of CACEIS, rather than retail users. Its reserves are held exclusively in cash on the balance sheet of CACEIS Bank, according to the company’s announcement.

The launch is part of Crédit Agricole’s ACT 2028 medium-term plan, under which the group has said it wants to accelerate its work in tokenized finance and new technologies. CACEIS has already built digital-asset infrastructure around fund tokenization, custody, and asset servicing.

First settlement into an Amundi fund

The first issuance of EURXT was used to settle a subscription into the Amundi Money Market Fund. Crédit Agricole said the deal marked the first subscription to a tokenized Luxembourg-domiciled UCITS money market fund settled with a euro stablecoin at the European level.

Amundi had already moved into tokenized money-market products, launching a tokenized share class of its AMUNDI FUNDS CASH EUR fund with support from CACEIS. That product uses distributed ledger technology on the public Ethereum blockchain to record fund units and improve transaction traceability.

For large investors, the appeal is operational rather than speculative. Stablecoin settlement can potentially shorten settlement times, reduce reconciliation work and create a more direct link between tokenized fund shares and tokenized payment instruments.

A step toward regulated tokenized finance

The launch matters because large European banks are moving blockchain settlement from experiments into live institutional use. EURXT is not aimed at retail crypto trading. It is designed as a regulated payment and settlement tool for tokenized assets.

The structure also shows how European finance is responding to tokenization under MiCA. By combining a bank-issued euro token, dedicated cash reserves, and a tokenized UCITS money market fund, Crédit Agricole is testing whether traditional fund infrastructure can move faster without leaving the regulated banking system. If adoption grows, EURXT could become part of a broader shift toward on-chain settlement for institutional cash and investment products.

We also reported the Bank of England and FCA's move to tighten oversight of payment stablecoins.

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