Crédit Agricole Launches Euro-Pegged Stablecoin EURXT

On July 1, 2026, Crédit Agricole announced the rollout of the EURO eXchange Token (EURXT), a euro-pegged stablecoin issued by its asset-servicing subsidiary, Caceis Bank. The EURXT debuted with 20 million tokens in circulation, all backed 1:1 by euro reserves.

This move places Crédit Agricole in direct competition with stablecoins from Circle, known as EURC, and Société Générale, which issues EURCV. Additionally, EURXT joins the burgeoning space targeted by Qivalis, a coalition of 37 European banks looking to launch their own stablecoin.

Crédit Agricole's stablecoin is designed to comply with the European Union’s recently established Markets in Crypto-Assets (MiCA) regulations, which aim to provide a legal framework for crypto assets in the EU. The EURXT has already been utilized in transactions, including settling a subscription into a tokenized money market fund from Amundi, one of Europe’s largest asset management firms.

With the market for euro-pegged stablecoins expanding, recent studies show that the market capitalization has more than doubled since MiCA regulations came into effect a year ago. However, despite this growth, euro stablecoins still account for only about 0.5% of the entire stablecoin market, which is heavily dominated by dollar-pegged tokens such as Tether's USDT and Circle's USDC.

Crédit Agricole's initiative reflects its commitment to digital and tokenized financial services, aligning with its broader ACT 2028 strategy focused on advancements in tokenized finance and digital assets.