Groupe Casino, a 120-year-old retail company based in France, is reportedly launching a stable euro-bound coin.
According to journalist Grégory Raymond, the French retail giant will be startup stablecoin for use in the loyalty programs of its stores and for trading. Casino Group oversees more than 11,000 stores in France and Latin America.
The coin was allegedly developed using the Tezos protocol in collaboration with Coinhouse Cryptoburse, PricewaterhouseCoopers, a stable infrastructure provider for Sceme infrastructure, Nomadic Labs research and development, and Societe Generale, a financial services group.
A new stablecoin called Lugh – named after a god in Irish mythology – will be marked with the EURL symbol. The initial bid will reportedly include 500,000 coins available exclusively at Coinhouse for “several months” until the testing phase is completed, and then on other platforms.
The French central bank is actively developing a stable euro-bound coin. The country recently completed the pilot program for the digital euro issued by its central bank in December.
As one of the Big Four accounting firms, PricewaterhouseCoopers, or PwC, has supported some crypto projects related to stablecoins. Three years ago, a company cooperates with the decentralized credit platform Cred for launching US dollar-backed stabilcoins. In addition, one of PwC’s former partners said it would release stable coin tied to the New Zealand dollar early 2021.