French retailer Groupe Casino, which is listed on the Paris Stock Exchange, plans to issue a euro-pegged stablecoin Lygh under the ticker EURL.
By data local journalist Gregory Raymond, the retail giant plans to use EURL for both trading and payouts in its loyalty programs. Considering that the company operates over 11,000 stores in France and Latin America, the number of potential stablecoin users is quite large.
Lugh, named after one of the gods of Irish mythology, will be released on the Tezos blockchain. The cryptocurrency exchange Coinhouse will be engaged in the creation of the token, together with the consulting firm PwC, the provider of infrastructure solutions for stablecoins Sceme, the research company Nomadic Labs and the financial group Societe Generale.
Initially, it is planned to issue 500,000 tokens and, during testing, provide an opportunity to trade EURL on the Coinhouse exchange. Then, after the pilot phase, access to stablecoin will appear on other platforms, as well as for customers of Groupe Casino retail stores.
Recall that at the end of February, the European Central Bank said it wants to have a veto on the launch of euro-pegged stablecoins and to be closely involved in the regulation of such cryptocurrencies.
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