The retail giant Groupe Casino, based in France, intends to launch a stablecoin on the Tezos blockchain platform.
The token was named Lugh and the ticker EURL. There is even a prototype of the token - the cunning god Lug from Irish mythology. It is pegged to the euro and will be used primarily by Groupe Casino customers as part of the loyalty program.
Considering the scale of 11,000 stores in Latin America and France, even if a small part of consumers take advantage of the new functionality, the company will have a target audience capable of joining new technologies.
The coin was developed in partnership with cryptocurrency exchange Coinhouse, financial group Societe Generale, auditors PricewaterhouseCoopers, researchers from Nomadic Labs, and Sceme, which provides infrastructure.
This is not the first time PricewaterhouseCoopers has worked with stablecoins. They already had projects under their wing, such as the Cred platform, whose coins are "backed up" by the US dollar, and one of the ex-PwC partners said that he intends to release a stablecoin pegged to the New Zealand dollar at the beginning of this year.
Groupe Casino's initial offering includes 500,000 Lugh stablecoins, which will only be available on Coinhouse until the end of the test phase, which is a couple of months long. After that, you can expect them on other crypto platforms.
While private companies were active, the Bank of France was equally active in developing its own stablecoin pegged to the euro, which brought the digital euro in December following the completion of a pilot program associated with it.