Groupe Casino – a France-based retail entity which has been around for 120 years – will reportedly be making a stablecoin pegged to the Euro available. 

Specifically, the retail heavyweight from France will reportedly be rolling out the stablecoin, applicable for usage across its stores’ loyalty programs, along with for trading. 

Groupe Casino is reportedly in charge of managing over 11,000 stores across France and Latin America.

The coin has reportedly been designed via employing the Tezos protocol, in collaboration with crypto exchange Coinhouse, accounting entity PricewaterhouseCoopers, stablecoin infrastructure provider Sceme, research and development firm Nomadic Labs, and financial services group Societe Generale.

The new stablecoin – dubbed “the Lugh”, which is the name of a god in Irish mythology – will reportedly be receiving the ticker symbol EURL. 

The initial offering will reportedly make 500,000 coins available to Coinhouse only, within “a few months” period, until the end of the trial phase, and then on other platforms.

The Bank of France has reportedly been putting in extensive efforts to build a stablecoin pegged to the euro. The nation has reportedly finalized a pilot program for a digital euro issued from its central bank in December last year. 

Generally recognized as one of the “Big Four” accounting entities, PricewaterhouseCoopers (PwC) has reportedly provided support to numerous initiatives across the crypto sphere, associated with stablecoins.