Crédit Agricole S.A. has launched a euro-backed stablecoin called EURXT and used it to settle the first subscription into a tokenized money market fund in Europe.
Key Takeaways:
Crédit Agricole, the world’s 10th largest bank, issued EURXT on Ethereum, backed 1:1 by euro reserves.CACEIS settled Amundi’s Luxembourg money market fund subscription in EURXT, a European first.Crédit Agricole targets 8.5 billion euros in 2028 net income under its ACT 2028 plan.The transaction points to how asset managers can use tokenization to speed up settlement and cut manual steps out of fund subscriptions. Traditional fund settlement in Europe often takes multiple days to clear. On-chain settlement can compress that window.
Reserves Held at CACEIS BankEURXT reserves consist entirely of cash held on CACEIS Bank’s balance sheet. Crédit Agricole publishes the size and makeup of those reserves, along with a white paper, on a dedicated website.
Olivier Gavalda, chief executive of Crédit Agricole S.A., linked the launch to the bank’s ACT 2028 medium-term plan. He said the token gives clients “a stable, secure payment instrument that complies with the latest European regulatory requirements” and called it a step toward “the next generation of financial services.”
Institutional Clients Get First AccessEURXT is currently limited to institutional investors and corporate clients of CACEIS. The bank has not announced a timeline for retail access.
CACEIS brings scale to the launch. The firm holds 5.9 trillion euros in assets under custody and 3.7 trillion euros in assets under administration, based on figures from December 31, 2025. Amundi, the fund manager on the other side of the trade, manages close to 2.4 trillion euros for more than 200 million investors across 34 countries.
The Bank Behind EURXTCrédit Agricole ranks as the world’s 10th largest bank by balance sheet size and the largest cooperative and mutualist bank globally. The group serves roughly 55 million customers in 46 countries. Through Amundi, it also holds the top spot among European asset managers.
Olivier Gavalda has run Crédit Agricole S.A. as chief executive since May 2025. Eric Vial took over as chairman of the board on January 1, 2026. The group traces its roots to 1885, when the first local agricultural credit cooperative opened in Salins-les-Bains, France.
The bank’s scale shows up in its numbers. Crédit Agricole Group posted 10 billion euros in first-quarter 2026 revenue, up 2.8% from a year earlier, with net income of 2.097 billion euros. Crédit Agricole S.A. reported a CET1 capital ratio of about 11.4%, well above regulatory minimums, and paid a dividend of 1.13 euros per share for 2025.
EURXT falls under ACT 2028, the medium-term plan Crédit Agricole S.A. rolled out in late 2025. The plan sets a target of more than 8.5 billion euros in net income for the listed entity by 2028 and a return on tangible equity above 14%. Tokenized finance ranks alongside artificial intelligence (AI) and data as one of three technology priorities in that plan.
What It Means for Digital Asset MarketsCrédit Agricole has not disclosed the size of the initial EURXT issuance tied to the Amundi fund subscription.
Part of a Broader Tokenization PushThe EURXT launch fits into a wider pattern among European banks and asset managers moving fund operations on-chain. Amundi has already worked on tokenized fund structures in Luxembourg, and CACEIS has built out blockchain-based custody and fund administration services in recent years.
