Crédit Agricole Launches MiCA-Compliant Euro Stablecoin EURXT on Ethereum

CoinFeed July 1 news, according to CoinDesk, Crédit Agricole's asset custody subsidiary Caceis Bank has issued a euro stablecoin EURO eXchange Token (EURXT) on Ethereum, with approximately 20 million tokens in circulation, fully backed by 1:1 euro reserves held by the bank. EURXT has been used to subscribe to shares of Amundi tokenized money market funds. The product complies with the EU's Markets in Crypto-Assets (MiCA) regulation and positions itself as a new competitor in the euro stablecoin market, rivaling Circle's EURC (approx. 378 million tokens) and Société Générale's EURCV (approx. 124 million tokens). It also competes with a stablecoin planned by the Qivalis alliance initiated by 37 European banks.