Banks Don't Fear Stablecoins Anymore — They're Issuing Them

Crédit Agricole has become the first major European bank to issue its own euro-denominated stablecoin, marking a notable shift in how traditional finance approaches blockchain-based money.

The new token, called EURXT, runs on the Ethereum blockchain and is fully backed by fiat euros at a 1:1 ratio. At launch, access is limited to institutional investors and corporate clients of Caceis, the group's asset servicing division.

What makes the announcement more than a symbolic gesture is that EURXT has already been put to work: the bank used it to settle a subscription to a tokenised money market fund managed by Amundi — a transaction Crédit Agricole says is the first of its kind in Europe.

The French banking group frames the move as part of its medium-term strategy to accelerate its presence in tokenised finance. CEO Olivier Gavalda emphasised that the instrument was designed with the latest European regulatory requirements in mind, positioning it as a stable and secure payment tool for clients exploring new investment models and next-generation financial services.

The launch signals that regulated stablecoins are moving from pilot projects into real institutional workflows — and that Europe's largest banks intend to compete in this space rather than watch from the sidelines.

Source: Finextra