Caceis Bank, the asset custody division of Crédit Agricole, has introduced the EURO eXchange Token (EURXT), a euro-backed stablecoin on the Ethereum blockchain. Approximately 20 million EURXT tokens are in circulation, each fully backed by the bank's euro reserves at a 1:1 ratio. The stablecoin complies with the EU's Markets in Crypto-Assets Regulation (MiCA) and has been utilized for subscribing to shares in an Amundi tokenized money market fund. EURXT enters the euro stablecoin market as a competitor to Circle's EURC and Société Générale's EURCV, and it will also contend with a forthcoming stablecoin from the Qivalis alliance, which involves 37 European banks. This launch is part of Crédit Agricole's "ACT 2028" strategy, focusing on tokenized finance.