French giant retailer launches Tezos-based stablecoin

French giant retailer launches Tezos-based stablecoin

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[Blockchain Today reporter Jeong Seung-won] It is reported that Groupe Casino, a distribution company with 120 years of tradition based in France, will launch stable coins linked to the euro.

According to journalist Gregory Raymond, the group casino will launch stablecoins and use them in the store’s loyalty programs and transactions. The group casino manages more than 11,000 stores in France and Latin America.

The coin is a cryptocurrency exchange Coinhouse, an accounting firm PricewaterhouseCoopers, a stablecoin infrastructure provider Sceme, a research and development firm Nomadic Labs, and a financial service group Societ. It is reported that it was developed using the Tezos protocol in partnership with Societe Generale.

A new stablecoin named’Lou’, named after the god in Irish mythology, will use the ticker symbol’EURL’. The initial offering is known to include 500,000 initial supply coins that can only be used exclusively at Coinhouse for several months until the test is complete, and plans to enter other platforms later.

French banks are actively developing stablecoins that are linked to the euro. France recently completed a simulation program of digital euros issued by the central bank in December.

Pricewaterhouse Coopers (PwC), one of the four major accounting firms, has supported some projects in the cryptocurrency space in relation to stablecoins. Three years ago, the corporation partnered with a decentralized lending platform to launch a stablecoin backed by the US dollar. It is also reported that one of PwC’s former partners will launch a stablecoin that is linked to the New Zealand dollar in early 2021.

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