1 August 2026
French Retail Giant to Launch a Euro pegged Stablecoin
Groupe Casino - a 120-year-old French retail giant, will reportedly launch a stablecoin pegged to the Euro. Based on journalist Grégory Raymond’s statements, the French retail giant will be launching stablecoin to be exclusively used in its stores’ loyalty programs and for trading. Groupe Casino has more than 11,000 stores in France and Latin America.
The coin has been developed using the Tezos protocol in partnership with a crypto exchange- Coinhouse, accounting firm- PricewaterhouseCoopers, stablecoin infrastructure provide- Sceme, research and development firm- Nomadic Labs, and financial services group- Societe Generale.
The new stablecoin will be called Lugh, named after a God in Irish mythology, and will go by the ticker symbol EURL. The initial offering includes 500,000 coins and will be available only on Coinhouse until the test phase is complete.
For a long, the Bank of France has been developing a stablecoin pegged to the Euro. Recently, the country completed a pilot program for a digital euro issued from its central bank in December.
One of the Big Four accounting firms- PricewaterhouseCoopers, or PwC, has also backed some projects in the crypto space related to stablecoins. Three years ago, the firm had partnered with Cred- a decentralized lending platform to launch its U.S. dollar-backed stablecoin. Additionally, one of PwC’s former partners revealed that it would also release a stablecoin pegged to the New Zealand dollar in 2021.
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