Major French retailer to launch Euro-secured stablecoin

Paris-listed retailer Groupe Casino will issue a euro-backed stablecoin Lugh (EURL) on the Tezos blockchain, journalist Gregory Raymond said.

SCOOP @ 21Millions_ 
@Groupe_Casino (french Walmart) launches its euro stablecoin: Lugh

 First reserved for crypto traders

Will gradually become a consortium whose ambition will be to become a means of payment and global loyalty program in partner brands pic.twitter.com/rkJAQXC9ye

– Grégory Raymond (@gregory_raymond) March 17, 2021

The stablecoin is issued by Lugh. The journalist stated that it will gradually evolve into a consortium that will offer payment options and a global loyalty program in partner brands.

The partner was the Coinhouse cryptocurrency exchange – initially the asset will appear on this platform.

According to Raymond, at the first stage, the issue will be 500,000 EURL (€ 500,000). Other exchanges will be able to add the stablecoin to the listing within a few months after the testing phase, he added.

Concretely, the Lugh (symbol $ EURL ) is distributed in temporary exclusivity now on french-european @Coinhouse_EN

Other regulated platforms will be able to list it within a few months after the test phase

First issue of 500,000 $ EURL (€ 500,000) pic.twitter.com/Pfx2LiYvB9

– Grégory Raymond (@gregory_raymond) March 17, 2021

According to Lugh’s press release, the project was supported by the financial conglomerate Societe Generale (the account holder of the issuing company), the consulting firm PwC France and Maghreb and Nomadic Labs, which is engaged in research and development for the Tezos protocol.

“Lugh is committed to developing new financial services based on blockchain technology. To ensure stability, for each digital asset issued, one euro will be kept in a special bank account, ”the statement said.

In September 2020, the French central bank chose the Tezos blockchain platform to experiment with the national digital currency.

Later, the French state-owned energy company EDF Group, represented by its Exaion division, joined Tezos as a baker.

In December, the German bank Bankhaus von der Heydt issued a euro-secured stablecoin EURB on the Stellar network.

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