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

 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.”