The regulated and stable currency market in Europe continues to expand, and major French banks are accelerating their access to this track. The recently launched EURXT was released by Caceis in the Ether Workshop for Euro Settlement and Currencyization Financial scenes.

The initial circulation was 20 million.

Data from the project website indicate that 20 million items were in circulation at the time the EURXT was online, supported by euro reserves held by Caceis Bank at 1:1. The token has been used for a requisition settlement, corresponding to the monetized money market fund of Amundi.

Competing with EURC, EURCV

EURXT entered a stable currency market for the euro that is still expanding. The main current products include the EURC of Circle and the EURCV launched by Banque France.

According to the reported data, the number of EURCs in circulation is about 378 million and EURCVs about 124 million, all of which are above the current level of EURXT. Qivalis, a group of 37 European banks, also plans to launch its own competitive product later this year.

MiCA market expansion after entry into force

It was reported that the market value of the euro-stable currency had more than doubled in 12 months since the MiCA rules on stable currency came into force. However, the market currently accounts for only about 0.5 per cent of the total stable currency market, and there is still a clear gap with the United States dollar.

The United States dollar stable currency market is still dominated by Tech’s USDT and Circle USDC. In contrast, European banks and financial institutions have been accelerating the deployment of euro-stabilized currencies over the past year, hoping to expand local settlement and chain financial operations under a regulatory framework.

Included in the group ACT 2028 plan

According to the French Agricultural Credit, EURXT is part of the group ' s ACT 2028 programme, which also includes more extensive monetization finance. With the direct issuance of stable currencies by large banks, participants in this European market are expanding further to traditional financial institutions.