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French retail giant will launch Tezos-based stablecoin

  • Posted On - 2021-03-18 06:15:25

Groupe Casino, a 120-year-old retail company headquartered in France, is reportedly launching a stablecoin pegged to the Euro.

According to a journalist Grégory Raymond, the company will be launching the stablecoin to utilise in its stores’ loyalty programs as well as for trading. Groupe Casino oversees more than 11,000 stores all over France and Latin America.

The coin has been developed on the Tezos protocol in partnership with crypto exchange Coinhouse, accounting firm PricewaterhouseCoopers, stablecoin infrastructure provider Sceme, research and development firm Nomadic Labs, and financial services group Societe Generale.

The stablecoin would be called the Lugh (named after a god in Irish mythology) and ticker will be EURL. The first initial offering will reportedly include 500,000 EURL available exclusively only on Coinhouse for “a few months” until the test phase is complete, and then on other platforms.

The Bank of France has been active in the development of the stablecoin pegged to the euro. The country recently finished a pilot program for a digital euro issued from its central bank in last December. 

While one of the Big Four accounting firms, PricewaterhouseCoopers, or PwC, has supported a few projects in the crypto space based to stablecoins. Three years ago, the firm partnered with decentralized lending platform CRED for the launch of its U.S. dollar-backed stablecoin. In addition, one of PwC’s former partners said it would be releasing a stablecoin pegged to the New Zealand dollar early in 2021.