French banking giant Crédit Agricole has launched EURXT, a euro denominated stablecoin on Ethereum, expanding its push into tokenized finance and blockchain based settlement.
EURXT is issued by Crédit Agricole’s asset servicing arm CACEIS as an ERC-20 electronic money token. It is pegged one to one to the euro and complies with the European Union’s Markets in Crypto Assets regulation. The token will initially be available to institutional investors and corporate clients of CACEIS.
About 20 million EURXT tokens were in circulation at launch, backed by euro reserves held at CACEIS Bank. Crédit Agricole said the dedicated reserves currently consist entirely of cash held on the bank’s balance sheet.
The stablecoin has already been used to settle a subscription into an Amundi tokenized money market fund. Crédit Agricole described the transaction as the first subscription to a tokenized Luxembourg UCITS money market fund settled with a euro stablecoin in Europe.
Amundi introduced the tokenized share class of its euro money market fund in November. The product uses Ethereum to record fund units and transactions, while CACEIS provides digital wallets and infrastructure for subscriptions and redemptions.
