20.02 Million Tokens Issued as European Bank Targets Institutional Tokenization
Crédit Agricole’s asset servicing arm CACEIS has launched EURXT, a euro-pegged stablecoin on Ethereum, with 20.02 million tokens issued at launch backed by equivalent euro reserves held by CACEIS Bank. The move positions Europe’s third-largest bank by assets directly into the institutional tokenization market, a space where competitors HSBC and BNP Paribas have already signaled intent through their participation in the Canton Foundation tokenization initiative.
EURXT is classified as an electronic money token (EMT) under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework. The stablecoin maintains a 1:1 peg to the euro and operates on the Ethereum blockchain. CACEIS secured its MiCA crypto-asset service provider license from French regulators in June 2025, establishing the compliance foundation for the launch.
The initial use case is institutional. The first subscription using EURXT flowed into a tokenized Amundi Money Market Fund, signaling CACEIS’s strategy to embed the stablecoin into existing asset servicing workflows. The token is explicitly targeted at institutional investors and corporate clients rather than retail users.
Unlike many stablecoins with fixed supply caps, EURXT operates under a demand-driven issuance model. “As of the date of the white paper, there is no limit on the issuance of EURXT. The number of EURXT in circulation will depend on market demand,” according to the EURXT white paper. Supply adjusts through a smart contract system that responds to institutional demand.
The launch arrives as European banks accelerate tokenization efforts. HSBC and BNP Paribas joined the Canton Foundation last September to accelerate tokenization of institutional real-world assets. The sector also includes competing euro-denominated stablecoin issuers like Quantoz Payments, while the broader stablecoin ecosystem expanded with 140 companies joining the Open USD stablecoin project for US dollar-pegged alternatives.
Regulatory clarity under MiCA has been a prerequisite for bank-backed stablecoin launches in the EU. CACEIS’s earlier acquisition of the crypto-asset service provider license removed a key barrier to EURXT’s deployment. However, Cointelegraph reported difficulty locating the EMT approval on the European Securities and Markets Authority register as of June 26, and CACEIS did not immediately reply to requests for comment on the discrepancy.
The stablecoin’s lack of issuance caps distinguishes it from fixed-supply tokens and positions it as a liquidity tool for institutional settlement and fund subscriptions. CACEIS did not disclose governance structure, redemption mechanics, or fee schedules for EURXT in public materials.
