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.

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