French retail giant will launch Tezos-based stablecoin

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Groupe Casino, a 120-year-old retail company headquartered in France, will reportedly launch a stable coin pegged to the euro.

According to journalist Grégory Raymond, the French retail giant will launch the stablecoin to be used for both its stores’ loyalty programs and trading. The Groupe Casino has more than 11,000 stores in France and Latin America.

The coin was reportedly developed using the Tezos protocol in collaboration with Crypto Exchange Coinhouse, accounting firm PricewaterhouseCoopers, stablecoin infrastructure provider Sceme, research and development company Nomadic Labs, and financial services group Societe Generale.

Source: Grégory Raymond

The new stablecoin called Lugh – named after a god in Irish mythology – bears the ticker symbol EURL. The initial offering will reportedly include 500,000 coins which will be available exclusively from Coinhouse for “a few months” until the trial period is complete, and then on other platforms.

The Bank of France has been actively working to develop a stable coin pegged to the euro. The country recently completed a pilot program for a digital euro issued by its central bank in December.

As one of the four major accounting firms, PricewaterhouseCoopers (PwC) has supported a number of projects in the crypto space related to stablecoins. Three years ago, the company partnered with the decentralized credit platform Cred to launch its dollar-backed stablecoin. In addition, one of PwC’s former partners announced that it would launch a stable coin pegged to the New Zealand dollar in early 2021.