Crédit Agricole SA, one of France’s largest banking groups, on Wednesday unveiled its euro-backed stablecoin, EURXT, alongside the first settlement of a European tokenized money market fund subscription using a euro stablecoin.

The transaction, completed with an Amundi tokenized Luxembourg UCITS money market fund, represents a major step toward integrating blockchain-based settlement into traditional institutional finance.

EURXT is issued by CACEIS Bank, the asset servicing arm of the Crédit Agricole Group, and designed as an on-chain settlement asset for tokenized finance. The token is fully compliant with the EU’s MiCA digital asset regulation and is backed 1:1 by euro reserves, with each token redeemable at par value.

At launch, approximately 20.02 million EURXT were issued, supported by €20.02 million in reserves. Initially targeted at institutional investors and corporate clients, the stablecoin is designed to provide a secure and regulated payment mechanism for tokenized assets and on-chain financial transactions.

“The launch of our on-chain digital settlement currency is part of our strategic plan and our commitment to supporting our clients in the gradual adoption of new settlement standards,” Olivier Gavalda, CEO of Crédit Agricole SA, commented on the launch.

“With EURXT, we are providing them with a stable, secure payment instrument that complies with the new European regulatory requirements. We are thus offering a trusted environment to explore new ways of investing, improve efficiency, and prepare for the next generation of financial services,” he added.

The launch advances Crédit Agricole’s ACT 2028 strategic plan, which prioritizes the development of tokenized financial services.

The bank said EURXT combines regulatory compliance, reserve backing, and blockchain infrastructure to help clients adopt new settlement standards and improve operational efficiency across financial markets.