French bank launches euro-pegged stablecoin EURXT

French bank Crédit Agricole, Europe's third-largest by assets, has launched a euro-pegged stablecoin, EURXT, through its asset servicing arm CACEIS, Cointelegraph reported. The stablecoin is an Electronic Money Token (EMT) issued on Ethereum (ETH) and maintains a 1:1 peg with the euro. It is aimed at institutional investors and corporate clients to expand the use of tokenized finance. According to the whitepaper, EURXT has no issuance limit and is designed to increase its supply in line with demand. At launch, the circulating supply was 20.02 million EURXT, matching reserves of approximately €20.02 million. CACEIS obtained a Markets in Crypto-Assets (MiCA) license in France in June 2025.