Woofun AI reports that Caceis Bank, the asset management division of Societe Generale, has issued the EURO eXchange Token (EURXT) on the Ethereum blockchain. The token operates in full compliance with the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.

Approximately 20 million EURXT tokens are currently in circulation, fully backed 1:1 by the bank’s euro reserves. These tokens have already been utilized to subscribe to shares in Amundi’s tokenized money market funds. EURXT enters a competitive landscape alongside Circle’s EURC, which holds roughly 378 million tokens, and Societe Generale’s existing EURCV, with approximately 124 million tokens in circulation. It also faces potential competition from a stablecoin planned by the Qivalis alliance, comprising 37 European banks.