A new euro-backed stablecoin has been developed through a partnership between the Lugh Company and crypto trading platform Coinhouse, both based in France.
- According to an announcement Thursday, the Lugh (EUR-L) stablecoin will be anchored to euro reserves held in an account with Societe Generale.
- PwC France & Maghreb is providing attestations of the backing on a monthly basis, a PwC representative confirmed to CoinDesk.
- The Lugh Company claims EUR-L is the first France-originated digital asset pegged to the euro.
- The stablecoin has been “presented to the French regulatory authorities,” with Lugh saying it plans to comply with the current regulatory framework.
- The EUR-L stablecoin will be initially available through the Coinhouse platform for traders and investors looking to hedge against volatility, said the firm.
- The token is built on the Tezos blockchain, with technical assistance from Nomadic Labs.