The new development was first shared by a French Journalist, Grégory Raymond. According to Raymond, Groupe Casino will be launching the stablecoin to use in the loyalty programs of its stores and for trading.
What is worth noting about the company is that it manages over 11,000 stores in France and Latin America.
Captioning an illustrative image, Grégory Raymond tweeted, “The @Groupe_Casino launches its euro stablecoin: Lugh. First reserved for crypto investors. Will gradually become a consortium that will offer a means of payment and a global loyalty program in partner brands.”
🔥 SCOOP @21Millions_ 🔥
Le @Groupe_Casino lance son stablecoin euro : Lugh
👉 D'abord réservé aux investisseurs cryptos
👉 Deviendra progressivement un consortium qui offrira un moyen de paiement et un programme de fidélité global dans les enseignes partenaires pic.twitter.com/cXShDJGAu5
— Grégory Raymond (@gregory_raymond) March 17, 2021
According to the report, the stablecoin called Lugh is developed using the Tezos protocol in conjunction with the cryptocurrency exchange Coinhouse, accounting firm PricewaterhouseCoopers, stablecoin infrastructure provider Scheme, research and development firm Nomadic Labs, and financial services group Societe Generale.
Cointelegraph also reported that the stablecoin will bear the symbol EURL. The initial offering will be 500,000 coins and it will only be available on Coinhouse for a few months until the test phase is complete.
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