French retail giant will launch Tezos-based stablecoin

The new coin is named after a god in Irish mythology and will go by the ticker symbol EURL.

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

According to journalist Grégory Raymond, the French retail giant will be launching the stablecoin to use in its stores’ loyalty programs as well as for trading. Groupe Casino oversees more than 11,000 stores in France and Latin America.

The coin has reportedly been developed using 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 new stablecoin, called the Lugh — named after a god in Irish mythology — will go by the ticker symbol EURL. The initial offering will reportedly include 500,000 coins available exclusively 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 developing a stablecoin pegged to the euro. The country recently completed a pilot program for a digital euro issued from its central bank in December. 

As one of the Big Four accounting firms, PricewaterhouseCoopers, or PwC, has backed some projects in the crypto space related 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.