French banking giant Crédit Agricole rolls out euro stablecoin, EURXT

Crédit Agricole (ACA), France’s second-largest bank by assets, unveiled a euro-pegged stablecoin, a rival to offerings from smaller peer Société Générale (GLE) and Circle Internet (CRCL) in a market that’s also targeted by Qivalis, a group of 37 European banks that plans to introduce its own contender later this year.

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The coin, EURO eXchange Token (EURXT), is pegged 1:1 to the euro and complies with the European Union’s Markets in Crypto-Assets (MiCA) framework, according to a post on the website of its asset servicing unit, Caceis Bank, which is issuing the token. It has already been used to settle a subscription into a tokenized Amundi money market fund.

There are 20 million EURXT in circulation on Ethereum, backed 1:1 by euro reserves held by Caceis Bank. The compares with about 378 million of Circle’s EURC and 124 million of SocGen’s EURCV.