French bank Crédit Agricole has unveiled a MiCA compliant euro electronic money token (EMT) or stablecoin, issued via its securities services arm CACEIS Bank. The EURXT (euro eXchange Token) will initially be made available to institutional and corporate clients of CACEIS, but it appears to be planning to support retail investors in the future, according to the website.
The token has already been used for subscriptions to an Amundi tokenized money market fund (MMF). Based on blockchain data, around €20 million in EURXT has been issued so far and it has a minimum subscription amount of €10,000.
One of the most notable aspects is this is a bank EMT, where effectively the CACEIS balance sheet backs the token. It plans to segregate the reserves internally, including CACEIS cash and up to 70% in highly liquid securities. But this is an accounting rather than legal separation, so in the unlikely event of CACEIS going bankrupt, the token holders would be unsecured creditors.
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