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French Firm Launches Euro Stablecoin With Monthly Attestations From PwC
The issuer claims EUR-L is the first France-originated digital asset pegged to the euro.
A new euro-backed stablecoin has been developed through a partnership between the Lugh Company and crypto trading platform Coinhouse, both based in France.
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- 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.
Read more: Crypto Bank Sygnum Offering Yield on Its Swiss Franc Stablecoin
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
