Crédit Agricole S.A. announces the launch of its euro stablecoin, EURXT (EURO eXchange Token), alongside the first subscription via EURXT into a tokenised Amundi money market fund – a European first. This transaction marks a significant milestone in the development of on-chain settlement solutions for institutional investors and corporates.
This launch forms part of Crédit Agricole S.A.'s ACT 2028 medium-term plan and its commitment to accelerating its development in tokenised finance. The stablecoin is initially being made available to institutional investor clients and corporate clients of CACEIS.
Issued on the Ethereum blockchain by CACEIS, a European leader in asset servicing, EURXT is an electronic money token pegged to the euro, based on the ERC-20 standard. Backed by fiat euro at a 1:1 parity, EURXT aims to provide a stable digital settlement instrument suited to the emerging use cases of tokenised finance. EURXT is an electronic money token compliant with the MiCA regulation.
An initial issuance has been successfully carried out to settle a subscription to the Amundi Money Market Fund. This marks the first subscription to a tokenised Luxembourg-domiciled UCITS money market fund settled in euro stablecoin at the European level, illustrating the potential of tokenisation to enhance operational efficiency, reduce settlement times, and drive innovation in asset management.
EURXT benefits from the strength of the Crédit Agricole Group and is secured by dedicated reserves, consisting exclusively of cash held on the balance sheet of CACEIS Bank.
Olivier Gavalda, Chief Executive Officer of Crédit Agricole S.A., commented: “The launch of our on-chain digital settlement currency aligns with our strategic plan and our ambition to support our clients in the progressive adoption of new settlement standards. With EURXT, we are placing at their disposal a stable, secure payment instrument that complies with the latest European regulatory requirements. In doing so, we are providing a trusted environment in which to explore new investment approaches, enhance efficiency, and prepare for the next generation of financial services.”
The amount and composition of the reserves held by CACEIS Bank, as well as the associated White Paper, can be viewed at any time on the website at the following address: https://stable-xt.io
