According to 21 Millions, (Posted in a Tweet here) Groupe Casino who operate over 11,000 stores worldwide and across continents are introducing a stablecoin on Tezos and it will be used in the future for payments and loyalty schemes.
Groupe Casino are a French ‘mass-market’ retail group with over 220,000 employees worldwide, 11,000 stores and had revenue of €37.822 billion in 2017.
They operate stores across continents and in France Groupe Casino operate the following brands:
Géant Casino (hypermarkets), Casino Supermarkets, Monoprix, Franprix, Leader Price, Spar, Vival, Le Petit Casino and Casino Restauration.
Groupe Casino are introducing a stablecoin built on Tezos, it will first be reserved for cryptocurrency investors, but gradually it will become a means of payment and a global loyalty program in partner brands.
The stablecoin will be named ‘Lugh’, and will have the ticker symbol $EURL. It will be the first French stablecoin backed by the Euro.
It was further stated that Lugh will be distributed in temporary exclusivity by Coinhouse. This exclusivity will remain in place until the issuance of a first 500,000 EUR-L has been completed. You can find the Coinhouse page for the EUR-L stablecoin here.
One of the unique things about this project is that the ambition is said to go beyond a simple trading tool and it is stated:
“Within 12 to 24 months Lugh will become a means of payment and loyalty in stores. It will replace the loyalty points and we can spend them in all the brands that have chosen to join the consortium”
It is further mentioned that:
“The Lugh project is currently managed by @Groupe_Casino but the shareholding should open up as other major B2C players join the adventure”.
The stablecoin marks a first in that it is:
“…also the 1st time that the reserve of a stablecoin (all fiat currencies combined) has been audited by a “Big Four” firm (Deloitte, EY, KPMG, PwC)”
On the EUR-L website it also mentions that the reserve for the stablecoin is ‘stored by Société Générale and audited every month’.
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