Crédit Agricole (ACA), France’s second-largest financial institution by property, unveiled a euro-pegged stablecoin, a rival to choices from smaller peer Société Générale (GLE) and Circle Web (CRCL) in a market that is additionally focused by Qivalis, a bunch of 37 European banks that plans to introduce its personal contender later this yr.
The coin, EURO eXchange Token (EURXT), is pegged 1:1 to the euro and complies with the European Union’s Markets in Crypto-Belongings (MiCA) framework, in response to a publish on the web site of its asset servicing unit, Caceis Financial institution, which is issuing the token. It has already been used to settle a subscription right into a tokenized Amundi cash market fund.
There are 20 million EURXT in circulation on Ethereum, backed 1:1 by euro reserves held by Caceis Financial institution. The compares with about 378 million of Circle’s $EURC and 124 million of SocGen’s EURCV.
