French banking giant Credit Agricole launches euro stablecoin EURXT on Ethereum

Credit Agricole, France's second-largest bank, launched EURXT, a MiCA-compliant euro stablecoin on Ethereum with 20 million tokens in circulation. It competes with SocGen's EURCV and Circle's EURC in a growing euro stablecoin market that has more than doubled in the past year.

• EURXT is issued by Caceis Bank, Credit Agricole's asset-servicing arm, and backed 1:1 by euro reserves
• The token has already been used to settle a subscription into a tokenized Amundi money market fund
• The euro stablecoin market has more than doubled in 12 months but remains tiny at 0.5% of the global stablecoin market
• A group of 37 European banks called Qivalis also plans to launch its own euro stablecoin later this year

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