Crédit Agricole's CACEIS Launches EURXT Euro Stablecoin on Ethereum

An institutional-first stablecoin

Unlike consumer-focused stablecoins, EURXT is designed primarily for institutional flows. Cointelegraph reported that the token is intended to ease access to tokenized funds and support settlement among professional market participants. That positioning reflects a broader strategy among incumbent banks to use blockchain infrastructure for wholesale finance rather than retail payments.

According to CoinDesk, the stablecoin is backed one-to-one by euro reserves held at CACEIS Bank, a structure meant to reassure institutional clients about the token's redeemability and reserve transparency. Roughly 20.02 million tokens were issued at launch, per Cointelegraph's figures.

For a bank of Crédit Agricole's scale, offering a fully reserved, bank-issued stablecoin represents an effort to combine the trust of a regulated custodian with the efficiency of programmable settlement. CACEIS, jointly owned within the Crédit Agricole group, already provides asset servicing across European markets, giving the new token a ready base of institutional users.

Competition heats up in Europe

EURXT enters an increasingly crowded field of euro-denominated stablecoins. CoinDesk noted that it will compete directly with Circle's EURC and Société Générale's EURCV, the latter issued by a rival French banking group. That competition underscores how European financial institutions are racing to establish credible, euro-backed alternatives to the dollar-pegged tokens that dominate the global stablecoin market.

The timing aligns with Europe's push toward clearer digital asset regulation, which has encouraged banks to launch compliant products rather than cede ground to crypto-native firms. A regulated euro stablecoin from a major lender could appeal to institutions wary of the compliance risks associated with offshore issuers.

Why the corridor matters

Euro-pegged stablecoins have potential relevance beyond Europe's borders. Faster, blockchain-based settlement in euros could reduce friction for businesses and financial institutions operating across the Africa–Europe corridor, where remittances, trade finance and fund flows often face high costs and slow processing.

While EURXT's initial focus is squarely institutional and European, the growth of bank-issued stablecoins from established players such as Crédit Agricole and Société Générale could gradually reshape how euro liquidity moves across regions. For now, the launch marks another step in the mainstreaming of tokenized finance by Europe's traditional banking sector.

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