Euro stablecoin transaction volume skyrocketed 1200% since MiCA enforcement in 2026. Circle's EURC holds over 50% market share, while traditional banks like Société Générale see 340% growth. Regulatory clarity drives capital rotation from offshore stablecoins to on-chain RWAs.

Caceis Bank, the asset custodian arm of Credit Agricole, has launched the euro stablecoin EURXT on Ethereum, with approximately 20 million tokens in circulation, fully backed by euro reserves at a 1:1 ratio. The stablecoin has been used to subscribe to Amundi's tokenized money market fund. EURXT complies with the EU's Markets in Crypto-Assets (MiCA) regulation, positioning itself against Circle's EURC (~378 million supply) and Societe Generale's EURCV (~124 million supply), as well as the Qivalis consortium of 37 European banks that plans to issue its own stablecoin.

Caceis Bank, the asset servicing arm of French banking giant Credit Agricole, has launched a euro stablecoin called EURO eXchange Token (EURXT) on the Ethereum blockchain, with an initial circulation of approximately 20 million tokens fully backed 1:1 by euro reserves. The stablecoin has already been used to subscribe to Amundi's tokenized money market fund shares. EURXT complies with the EU's Markets in Crypto-Assets (MiCA) regulation, positioning itself as a new competitor against Circle's EURC (~378 million in circulation) and Societe Generale's EURCV (~124 million in circulation), while also competing with the nascent stablecoin initiative from the Qivalis consortium of 37 European banks. This marks a significant step by a traditional banking giant into the compliant stablecoin space.

法国银行业巨头Crédit Agricole的托管子公司CACEIS在以太坊链上推出了欧元稳定币EURXT，初始发行量2002万枚。该稳定币锚定欧元，面向机构客户，旨在提升流动性效率并简化代币化基金访问。此举标志着传统大型银行加速进入稳定币领域，与欧元区监管框架（如MiCA）对接。

This article decodes the MiCA regulation based on a February 2026 study by LegalBison, using ESMA public registers as of March 12, 2026. Key findings: only 17% of 441 token project filings come from EU/EEA-headquartered entities, while 62% are offshore (BVI, Switzerland, Cayman Islands). Ireland and Malta host two-thirds of independent filings. For stablecoins, 36 EMTs require EMI licensing (Circle, Societe Generale, Paxos lead), while ART registrations stand at zero. The article explains the proxy filing model by exchanges like Kraken and LCX, compares Ireland vs. Malta regulatory environments, and offers tactical takeaways for offshore projects seeking EU crypto licenses.