French Firm Launches Euro Stablecoin With Monthly Audits from PwC - CoinDesk

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 is providing audits of the backing on a monthly basis.
• 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.

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