CACEIS Launches EURXT Euro Stablecoin on Ethereum With €20.02M Initial Supply

According to Odaily, CACEIS, the asset servicing arm of France's Agricultural Credit Bank, launched EURXT, a euro-pegged stablecoin, on Ethereum today (July 1). The stablecoin maintains a 1:1 peg with the euro and is initially targeted at institutional investors and corporate clients.

EURXT has no hard cap on issuance, with supply adjusting based on market demand through smart contracts. The initial circulation of 20.02 million EURXT tokens is backed by €20.02 million in reserves held by CACEIS Bank. The stablecoin complies with the EU's Markets in Crypto-Assets Regulation (MiCA), and CACEIS completed its first transaction using EURXT to subscribe to Amundi's tokenized money market fund.