Euro stablecoins account for just 0.5% of the dollar-pegged behemoth—but France's second-largest bank just dropped 20 million EURXT on Ethereum and immediately used it to settle a real-world asset subscription.
Crédit Agricole's asset-servicing arm, Caceis Bank, issued the EURO eXchange Token (EURXT) on Ethereum, pegged 1:1 to euro reserves and compliant with the EU's Markets in Crypto-Assets (MiCA) framework. The bank already deployed the token to settle a subscription into a tokenized Amundi money market fund—Amundi manages €2.4 trillion.
Why EURXT Matters: Tokenized Fund Settlement
This isn't just another stablecoin announcement. EURXT was born with an actual on-chain use case. Caceis Bank held the euro reserves, issued the 20 million tokens, and processed a subscription into a tokenized share class of Amundi's flagship euro cash fund. That's the kind of institutional plumbing that makes asset managers pay attention.
Combine this with Societe Generale's EURCV (124 million supply) and Circle's EURC (378 million supply), and the euro-denominated stablecoin market now has three heavyweight issuers with real banking licenses and MiCA approval. The entire euro stablecoin market cap doubled in the last 12 months, according to a DECTA study, but it's still a rounding error compared to Tether's USDT and Circle's USDC.
The 37-Bank Elephant in the Room
Qivalis, a consortium of 37 European banks, plans to launch its own euro stablecoin later this year. That's a looming competitive threat for EURXT, EURC, and EURCV. But Crédit Agricole moved first—and moved with a live settlement on a tokenized fund. The token is officially part of the bank's ACT 2028 plan, a broader push into tokenized finance.
If the euro stablecoin market ever breaks out of its 0.5% share, the infrastructure is already here: regulated banks issuing MiCA-compliant tokens on Ethereum, settling institutional-grade assets. EURXT is the proof of concept—now we see if the rest of the banks follow or fight.
Source: French banking giant Crédit Agricole rolls out euro stablecoin, EURXT
Domain: coindesk.com
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