French Retail Multinational, Groupe Casino, to Launch Euro-Backed Stablecoin on Tezos Blockchain
It will be used for payments across the stores, trading, and loyalty rewards.
First reported by French publication Les Echos, Groupe Casino aims to revolutionize payments across its stores with the launch of its Euro-backed stablecoin, Lugh. The multi-billion revenue retail company plans to use stablecoin, ticker EURL, enhance payments, loyalty rewards, and trading in the future.
The stablecoin is created through a partnership with France-based financial service firm, Société Générale, audited by PricewaterhouseCoopers (PwC), the infrastructure provided by Sceme, and offered on the crypto exchange, Coinhouse. According to the report, the stablecoin is developed on the Tezos blockchain (XTZ) by crypto research and development company Nomadic Labs.
However, the stablecoin does not yet represent electronic money, with plans to introduce it to over 11,000 stores across France and Latin America currently underway.
The coin is named after one of the most prominent gods in Irish mythology, Lugh.
Nearly 500,000 EURL tokens will be released exclusively on the regulated crypto exchange, Coinhouse, during the testing phase – the full launch expected later in the year.
The French central bank announced trial phases of a digital Euro, in partnership with Société Générale last October, making it a one of a kind partnership in Europe. Notwithstanding, the central bank governor announced plans to launch a CBDC to keep up with China and other nations that are already launching their own.