Usually derived from Middle French eiguenot, eyguenotz (“Swiss confederate; kind of soldier”), from German Eidgenosse (“confederate; Swiss person”), from Eid (“oath”) + Genosse (“companion”). It would then appear that the singular in -t is a French backformation from the plural, although it has also been compared to the Dutch eedgenoot (eed + genoot).
An alternate theory considers it a diminutive of Hugues (“Hugh”). The theory states that the term was originally used by Savoyard Roman Catholic supporters of the ruling Savoy dynasty as a derogatory designation (later embraced by Geneva republicans and by French Calvinists), with a meaning similar to "little Hughey", after the surname of Geneva burgomaster Besançon Hugues, who (though a Catholic himself) supported and participated in the rebellion against the rule of the Savoy dynasty, which led to the independence of Geneva in 1526.
See Huguenot on Wikipedia for more.
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huguenot (feminine huguenote, masculine plural huguenots, feminine plural huguenotes)
huguenot m (plural huguenots)