Crédit Agricole's CACEIS Launches Euro-Pegged Stablecoin EURXT on Ethereum
Crédit Agricole's asset servicing arm CACEIS has officially launched a euro-pegged stablecoin named EURXT on the Ethereum blockchain, with an initial issuance of 20.02 million tokens. The move marks a significant step by a traditional European banking giant into the stablecoin ecosystem, targeting institutional flows and tokenized fund access.
EURXT is designed to provide institutions with a compliant, efficient liquidity tool that can settle instantly on-chain, reducing the friction of traditional Euro transfers. It is fully backed by euro reserves held by CACEIS, aligning with the European Union's Markets in Crypto-Assets Regulation (MiCA) framework.
The stablecoin's launch aligns with growing institutional interest in tokenized assets and the need for a reliable euro-denominated payment rail within DeFi and traditional finance. CACEIS aims to use EURXT to streamline subscription and redemption processes for tokenized funds, particularly for asset managers exploring blockchain-based fund distribution.
This initiative positions CACEIS at the forefront of bank-issued stablecoins in Europe, competing with other euro stablecoins such as EURS (Stasis) and EURCV (Société Générale). The initial issuance of 20.02 million tokens suggests a conservative pilot phase, with potential for expansion based on institutional demand.