‘Lugh’, a stablecoin has been launched by the French retail giant, Groupe Casino. Coined after a God in Irish mythology, the new coin,’ Lugh’, will be seen under the ticker symbol EURL. A 120-year-old retail company Groupe Casino, headquartered in France, will be launching a stablecoin based on Euro.
According to journalist Grégory Raymond, the French retail giant will use the stablecoin in stores’ various loyalty programs as well as for trading. Gregory Raymond further tweets on the Lugh being distributed in Coinhouse, whereas other platforms will list Lugh after the test phase which will get done within a few months. Currently, Groupe Casino has established more than 11,000 stores in France and Latin America.
Gregory Raymond gives a short thread on Twitter on the particular stablecoin. He also happens to tweet that:
Lugh is the name of the greatest deity of the Gauls (one of the oldest peoples to have lived on French territory during Roman period)
Built on @tezos protocol, whose implementation in France is important (Tezos $XTZ is also subject to a central bank digital currency test) Partners : @Coinhouse_EN (broker), @LabosNomades (research), @PwC_France (audit), @ScemeHQ (dev) @SocieteGenerale (accounting) — Grégory Raymond (@gregory_raymond) March 17, 2021
The initial coin offering will include a number of 500,000 coins. It will be on Coinhouse for “a few months” until the completion of the test phase.