Crédit Agricole launches its own euro stablecoin EURXT on Ethereum: a new step for institutional DeFi
French banking giant Crédit Agricole, through its infrastructure division CACEIS, has officially launched the EURXT stablecoin, pegged to the euro at a 1:1 ratio. The issuance was carried out on the Ethereum network, with the first transaction being a subscription to a tokenized Amundi money market fund.
In the initial phase, 20.02 million EURXT tokens have been issued, backed by reserves of approximately 20.02 million euros. The product is exclusively aimed at institutional investors and corporate clients, underscoring its high level of regulatory compliance.
This move marks a significant milestone in the convergence of traditional finance (TradFi) and decentralized technologies. The use of the Ethereum network for stablecoin issuance ensures transparency and immutability of records, while also providing access to liquidity and smart contracts.
Analysis and conclusions: The launch of EURXT is not just another stablecoin, but a strategic move by one of Europe's largest banks. It signals growing institutional confidence in blockchain infrastructure and indicates that tokenization of real-world assets (RWA) is becoming mainstream. The euro peg and focus on institutional clients make this product competitive in a market dominated by dollar-backed stablecoins. I expect that in the coming months, other European banks will follow this example, creating their own regulated digital currencies.