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Lugh Releases Whitepaper And Becomes A Tezos Corporate Baker As Stablecoin EURL Looks Set To Be Used In Casino Group Stores

Lugh, creator of EURL has released their whitepaper. The whitepaper documents how EURL will be used in the retail stores of Group Casino.
Such a release would likely make EURL the first stablecoin to enter mass-retail markets.

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 The Lugh Whitepaper

Lugh is creating the first reliable euro-pegged stablecoin – EURL. Lugh was founded by digital entrepreneurs and incubated at the Innovation Department of Casino Group

The stablecoin EURL has been created with the help of many partners including Coinhouse, Société Générale, Casino Group (Groupe Casino), Nomadic Labs, and SCEME. Energy giant subsidiary Exaion was also involved as part of the tech support team.

It is audited by one of the ‘Big 4’ accounting organizations KPMG to ensure1 EURL is always equal to 1 EURO.

On March 16th Lugh released their whitepaper which can be found here.

The whitepaper explains the need for a Euro-pegged stablecoin stating that a dollar-dominated cryptocurrency stablecoin market doesn’t reflect real-world trade and foreign reserves: the Euro represents 20% of world foreign exchange reserves and 30% of international trade. 

The whitepaper goes onto state: that EURL: is backed by a reserve account held by a first-tier international bank and audited by an international audit firm. As stated on the Lugh website the international bank is Société Générale and the audit firm is KPMG.

Interestingly, the whitepaper makes a distinction between EURL and other current stablecoins where it emphasizes the real-world connection advantage that EURL has.

It outlines how Casino Group stores will help to bridge the real-world and cryptocurrency markets together through the stablecoin. It is stated:

Stablecoins act as a bridge between crypto and fiat worlds. So Lugh, backed by Casino Group, a major international retailer, has a competitive advantage over other stablecoins as its corporate structure supports this connection.

Lugh plans to use EURL as a mean of payment, starting in thousands of Casino Group stores and eventually expanding into other industries including housing and gaming, and as a loyalty tool supported by smart contracts.

A crypto-based loyalty program could generate euro-backed stablecoins instead of loyalty points.

Such a release would likely make EURL the first stablecoin to enter mass-retail markets. Casino Group has more than 10,800 stores worldwide

Lugh Joins Ecosystem As A Tezos Corporate Baker

After the announcement of the whitepaper, Lugh also announced that it would become a Tezos corporate baker. This follows on from the previous March announcement surrounding this topic where Ipocamp joined as a corporate baker.

After Ipocamp, Lugh will become the 16th corporate baker validating transactions on the Tezos blockchain. Lugh will use Exaion’s Exanode technology.

Three different parties involved in the setup of the Lugh corporate baker offered their thoughts on the news.

Alban Vendeuvre COO of Lugh said:

Lugh chose to launch its euro-pegged digital asset on Tezos, and being a corporate baker will allow us to be more involved in the Tezos community”.

Fatih Balyeli, the CEO of Exaion added:

“Since 2020, we have been able to leverage our experience as a corporate baker and share it to the ecosystem thanks to the dedicated offer Exanode, which ticks all the boxes of quality, reliability and compliance process that applied to corporates”

Hadrien Zerah Managing Director of Nomadic Labs commented:

“We are particularly delighted to have worked with Lugh on their exploration of Tezos from launching the first reliable euro-pegged digital asset to becoming a corporate baker.”

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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