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French Walmart Launches Tezos-Powered Euro Stablecoin for In-Store Payments

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Wed, 03/17/2021 - 17:13
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Alex Dovbnya
A major French food retailer has rolled out a Tezos-powered stablecoin for in-store payments
French Walmart Launches Tezos-Powered Euro Stablecoin for In-Store Payments
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Major French retail company Groupe Casino is launching its own euro-backed stablecoin dubbed "Lugh," according to a report by business newspaper Les Echos. The cryptocurrency is powered by the Tezos blockchain.    

Named after the deity of the Gauls, the coin is currently reserved for cryptocurrency traders, but it will be used for in-store payments and loyalty points by a future consortium of retailers.

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The stablecoin's reserves have been audited by PwC France, a French subsidiary of the global accounting giant.     

As mentioned by journalist Gregory Raymond, the coin will be initially available on regulated French cryptocurrency exchange Coinhouse under the EURL ticker. 

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Image by @gregory_raymond
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.