The new coin is named after a god in Irish mythology and will be on the market with the symbol EURL.
Groupe Casino, a 120-year-old retail company headquartered in France, is reported to be launching a Euro-pegged stablecoin.
According to journalist Grégory Raymond, the French retail giant will launch the stablecoin for use in its stores’ loyalty programs and in commerce. Groupe Casino manages more than 11,000 stores in France and Latin America.
The cryptocurrency was reportedly developed using the Tezos protocol in partnership with the 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 Lugh, named after a god in Irish mythology, will be on the market with the EURL acronym. It is stated that the first offer will only be available at Coinhouse for “a few months” until the testing phase is completed, and then it will be available on other platforms.