Pierre Fougeat, COO of Lugh Financial Services, a subsidiary of Casino Group, presents the Euro stablecoin Lugh. He details the strategy behind this new business.
Could you tell us about the Lugh stablecoin?
The Lugh is a Euro stablecoin (EURL) project launched in March 2021, initially driven by the Casino Group, where I was working at that time in strategic management. Société Générale is our trusted banking partner, with whom we place €1 for every EURL token issued on the blockchain. One of the Big Four audit company audits our reserves every month and produces a parity report certifying that Lugh has at least as many Euros as there are EURL cryptoactives in circulation.
What is this stablecoin intended for?
Our strategy is two-fold. On one hand, it fits in with the Casino Group’s strategy as part of payment and loyalty tools for the group’s stores (Casino, Franprix, Monoprix, Spar, Vival…)
Do you have information to share with us?
Article authors
Sophie Baqué
Chief Editor of mind Retail
Caroline Soutarson
Head of the “Mind Fintech” section
Cheffe de rubrique Investissement et référente data chez mind Fintech