Credit Agricole (ACA), France’s second-largest bank by assets, has announced a euro-pegged stablecoin. It’s a market that is also being targeted by Kyvaris, a group of 37 European banks that plans to introduce its own competitor later this year, to rival offerings from peers Société Générale (GLE) and Circle Internet (CRCL).
The coin, EURO eXchange Token (EURXT), is pegged 1:1 to the euro and is compliant with the European Union Market for Cryptoassets (MiCA) framework, according to a post on the website of Caceis Bank, the asset services arm issuing the token. This is already being used to settle subscriptions to the tokenized Amundi Money Market Fund.
There are 20 million EURXT in circulation on Ethereum, backed 1:1 by euro reserves held by Caceis Bank. This compares to Circle’s approximately 378 million. $EURC SocGen’s EURCV is 124 million.
