France’s Crédit Agricole (ACA), the nation’s second-largest bank by assets, has formally entered the regulated digital currency arena with the launch of its euro-pegged stablecoin, the EURO eXchange Token (EURXT). The move places the agricultural banking giant in direct competition with existing offerings from Société Générale and Circle Internet (CRCL) and comes ahead of a planned market entry by Qivalis, a consortium of 37 European banks.
Issued on the Ethereum blockchain as an ERC-20 token, EURXT is designed to maintain a strict 1:1 peg with the euro. The token is classified as an Electronic Money Token (EMT) under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. The issuance is handled by CACEIS Bank, the asset servicing arm of Crédit Agricole, which secured its MiCA crypto-asset service provider (CASP) authorization from French regulators in June 2025.
“EURXT provides a stable, secure, and compliant payment method aligned with new European regulatory requirements,” Crédit Agricole CEO Olivier Gavalda stated. He framed the launch as a strategic step to help clients gradually adopt new settlement standards and prepare for next-generation financial services.
At launch, approximately 20.02 million EURXT tokens are in circulation, fully backed by an equivalent amount of euro reserves held on CACEIS Bank’s balance sheet. According to the project’s whitepaper, there is no hard cap on the token supply; issuance is expected to scale dynamically with market demand through its smart contract system. This design contrasts with fixed-supply models and is intended to reduce operational friction for institutional on-chain settlement.
The token’s debut was marked by its first live transaction: settling a subscription into a tokenized money market fund managed by Amundi, Europe’s largest asset manager with €2.4 trillion in assets under management. This initial use case underscores Crédit Agricole’s ambition to position EURXT not as a retail payment tool but as a settlement rail for tokenized investment products.
The launch intensifies competition in the nascent euro stablecoin market. Société Générale’s EUR CoinVertible (EURCV) has about 124 million tokens in circulation, while Circle’s EURC dominates with roughly 378 million. The entire euro stablecoin market has seen its capitalization more than double since MiCA rules took effect a year ago, yet it still represents a mere 0.5% share of the global stablecoin market, which is overwhelmingly dominated by dollar-pegged tokens like Tether’s USDT and Circle’s USDC.
Crédit Agricole’s push into tokenized finance is part of its broader “ACT 2028” strategic plan. The bank joins other traditional finance heavyweights exploring blockchain-based settlement, including HSBC and BNP Paribas, which joined the Canton Foundation to accelerate institutional real-world asset tokenization.
However, a minor regulatory footnote accompanies the launch. While CACEIS states that the French Prudential Supervision and Resolution Authority (ACPR) has authorized the issuance of EURXT, the European Securities and Markets Authority (ESMA) public register had not been updated to reflect this approval as of the launch date. A CACEIS spokesperson confirmed the authorization, noting that the ESMA register lags behind official approvals, a practical detail that compliance teams and institutional platforms will need to monitor for audit readiness.
In a separate but thematically related development highlighting crypto’s growing entanglement with global finance and politics, a financial disclosure from the U.S. Office of Government Ethics revealed President Donald Trump’s deep ties to the digital asset industry. The filing shows Trump’s business entities generated over $635 million in royalty income from his memecoin and nearly $600 million through World Liberty Financial, a crypto company he co-founded with his sons and business associate Steve Witkoff.
The disclosure also detailed earnings from a variety of altcoins and a stake in a Miami-based stablecoin venture, Stablecoin Holdco, which netted nearly $197 million. Trump’s portfolio showed active trading in shares of Strategy (MSTR), the company formerly known as MicroStrategy, giving him indirect exposure to Bitcoin through its massive corporate treasury. The president also traded shares of Coinbase and Robinhood.
“Neither the President nor his family has ever engaged—or will ever engage—in conflicts of interest,” White House spokeswoman Anna Kelly said in a statement to Fortune. The crypto holdings have drawn sharp criticism, with Senator Elizabeth Warren stating, “The crypto legislation heading to the Senate floor must prevent the President, Vice President, senior administration officials, members of Congress, and their families from profiting off the crypto industry.”
The convergence of these events—a major European bank launching a regulated stablecoin and a sitting U.S. president holding a billion-dollar crypto portfolio—signals a pivotal moment where traditional finance, digital assets, and global politics are becoming inextricably linked. For institutional investors, EURXT offers a new, compliant on-ramp to tokenized euro-denominated assets, while the political disclosures in Washington are likely to fuel the ongoing debate over ethics and regulation in the crypto space.