Crédit Agricole Launches Euro Stablecoin EURXT
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France's second-largest bank, Crédit Agricole, has launched euro stablecoin EURXT with 20 million tokens in initial circulation — this means Europe's traditional banking giants are now collectively betting on on-chain settlement, turning the euro stablecoin lane into a head-to-head contest.
What is EURXT, and who is behind it?
Caceis Bank, Crédit Agricole's asset-servicing arm, issued EURXT (EURO eXchange Token) — pegged 1:1 to the euro and backed by an equal euro reserve.
Current circulation on Ethereum: 20 million tokens, dwarfed by rivals — Circle's EURC sits at roughly 378 million, Société Générale's EURCV at about 124 million.
This means → EURXT is still at the "doors just opened" stage; the real signal is not size but the fact that yet another major European bank has entered stablecoin issuance directly.
What did the first transaction look like?
EURXT completed its first live use case: settling a subscription to a tokenised money-market fund — a product that puts traditional fund shares on a blockchain — run by Amundi, Europe's asset-management giant.
Amundi manages €2.4 trillion in assets and had already launched a tokenised share class of its flagship euro cash fund on Ethereum.
In plain terms = this was not a test transfer; a €2.4 trillion asset manager used a bank-issued on-chain euro to buy an on-chain fund — institutional "on-chain settlement" is now live.
How crowded is the euro stablecoin race getting?
Three main players now: Circle's EURC, Société Générale's EURCV, and the newly launched EURXT — all compliant with the EU's MiCA (Markets in Crypto-Assets Regulation) framework.
A consortium of 37 European banks called Qivalis also plans to launch its own euro stablecoin later this year.
This reflects a clear trend: European banks are no longer watching from the sidelines — stablecoins have shifted from crypto-native territory to a battleground for traditional banks.
How large is the euro stablecoin market in reality?
According to DECTA research, euro stablecoin market capitalisation has more than doubled in the year since MiCA's stablecoin rules took effect.
Yet the entire segment still accounts for just 0.5% of the dollar-stablecoin market dominated by Tether's USDT and Circle's USDC.
In plain terms = growth is fast, but the base is tiny — whether euro stablecoins can move beyond institutional settlement into broader payments will be the real test of this lane's potential.
Content is for reference only, not financial advice.