EURXT (CACEIS)
EURXT is a euro stablecoin issued by CACEIS Bank, the asset servicing arm of Crédit Agricole. Each token is worth one euro and is backed by cash on the bank's balance sheet. It runs on Ethereum as an ERC-20 e-money token under the EU's MiCA rules. Crédit Agricole launched it in July 2026 for institutional and corporate clients of CACEIS, with a minimum subscription of 10,000 euros. The first issuance settled a subscription to a tokenised Amundi money market fund, and about 20 million EURXT are in circulation.
Crédit Agricole's euro stablecoin, issued by CACEIS Bank under MiCA and live on Ethereum since 1 July 2026 with about 20 million in circulation. It settled the first subscription to a tokenised Amundi money market fund in euro stablecoin. Reserves sit on the bank's own balance sheet with accounting-level segregation, so holders would rank as unsecured creditors in an insolvency.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
A single licensed bank mints on subscription (IM-01 1), with no debt and full reserving (IM-02 5). Backing is bank cash and liquid securities, a financial signal only (IM-03 2). The white paper states no issuance limit and lets supply follow demand (IM-04 3), with redemption-driven contraction (IM-05 4). Category average 3.0.
Spending Power Stability2x3.0
Full reserve with 1:1 subscription and redemption (SPS-01 3) against the euro as benchmark (SPS-02 3). Reserve composition and the white paper are published on the token's own site (SPS-03 3). Two months live, so no track record (SPS-04 3). Short-term parity only (SPS-05 3). Access is limited to CACEIS institutional and corporate clients with a 10,000 euro minimum, which restricts who the stability serves (SPS-06 2). Weighted 2.9.
Fiat Independence & Interoperability2x1.0
Pegged 1:1 to the euro (FI-01 1), reserves are entirely euro cash and securities (FI-02 1), and the issuer is a bank whose balance sheet is the backing (FI-03 1). No transition path away from fiat, no local-currency composability (FI-04 to FI-07 all 1). Ethereum only, with no own interoperability standard (FI-08 1). Weighted 1.0.
Traction2x2.0
Live and in real use (TR-01 5), but launched on 1 July 2026 (TR-02 1). On-chain supply reads 20,020,000 EURXT today, the same figure reported at launch, so nothing has been minted or burned in eight weeks (TR-03 2, TR-10 2). Use is confined to CACEIS clients (TR-04 2) and the euro remains the unit of account (TR-05 1). Crédit Agricole's team is active (TR-06 5) with Amundi and Ant International as named partners (TR-07 4) and coverage from Cointelegraph and Ledger Insights (TR-08 4). Adoption is bank-led, not organic (TR-09 2, TR-11 2). Weighted 2.4.
Sovereignty2.0
CACEIS alone can halt issuance and redemption (SO-01 1) under French supervision (SO-03 1). The token is an ERC-20 on public Ethereum and holders can self-custody (SO-04 3), but access is gated by client onboarding, transactions can be blocked (SO-07 1), and no code constraint binds the issuer (SO-09 1). No privacy features (SO-08 1). A large banking group carries no key-person risk (SO-05 4). Weighted 1.6.
Governance2.0
Decisions sit with Crédit Agricole and CACEIS management (GO-01 2, GO-02 1, GO-04 1). The token's own site publishes the white paper and the amount and composition of reserves on demand (GO-03 4). MiCA authorisation constrains the issuance rules and their amendment (GO-07 3, GO-08 3). Weighted 2.3.
Resilience2.0
Eight weeks old with no stress event behind it (RE-01 2) and a single chain (RE-02 2). Reserve segregation is an accounting arrangement rather than a legal one, so in a CACEIS insolvency holders rank as unsecured creditors; that is the sharpest structural risk in this row (RE-06 2). Simple design, and a bank of this size can reissue after a failure (RE-03 3, RE-04 4). The 20 million euro float does not fund the operation (RE-07 3). Weighted 2.3.
Inclusivity2.0
Anyone can hold and transfer the token on Ethereum once it is issued, but only CACEIS institutional and corporate clients can subscribe, and the entry ticket is 10,000 euros. Reach is deliberately narrow at this stage.