- Quantoz introduces USDQ and EURQ stablecoins that comply with MiCA.
- Tether and Kraken back stablecoins and provide secure payments.
Quantoz Payments, a Dutch fintech company, has rolled out the stablecoins USDQ and EURQ pegged to both the U.S. dollar and euro in accordance with the new EU MiCA. The launch date for the tokens is set for November 18, aiming to provide a secure, regulated digital payment solution across Europe. Major platforms Kraken and Bitfinex will begin listing the tokens for trading on November 21.
Fiat monetary reserves, such as government bonds, fully collateralize and highly liquidate the Ethereum-based blockchains USDQ and EURQ. Quantoz has an Electronic Money Institution license issued by the Dutch Central Bank (DNB), ensuring that Quantoz is in compliance with all the European Union requirements concerning its MiCA regulation. The company will maintain another reserve of 2% over the tokens, as required by MiCA, to ensure their stability.
Prominent industry players such as Tether, Kraken, and Fabric Ventures back the launch. Tether CEO Paolo Ardoino complimented the project as part of the company’s broader commitment to foster innovation in regulated digital assets. According to Arnoud Star Busmann, CEO of Quantoz, these stablecoins will promote faster and cheaper payments for corporate use and consumer use, a milestone step towards regulated digital finance.
Quantoz Enters Position for Market Growth as MiCA Takes Its Shape
MiCA regulations, which will take full effect in December 2024, are set to reshape the European stablecoin market. Under the new rules, stablecoin issuers must maintain a 1:1 fiat backing and segregated reserves, overseen by independent foundations. While Circle’s EURC and Société Générale’s EURCV currently dominate the euro-stablecoin market, Quantoz sees an opportunity to grow its EURQ stablecoin, aiming to enhance payment systems and treasury management with near-instant settlements.
Despite its participation, Tether has voiced concerns over the fact that MiCA will obligate stablecoin issuers to maintain 60% of their reserves in European banks. CEO Ardoino cautioned this will create systemic risks if European banks become unstable. Meanwhile, Norway has endorsed MiCA but is still assessing its possible role in a CBDC-based cross-border payment system.
The launch of USDQ and EURQ, with Kraken and Tether serving as major partners, positions Quantoz as a serious contender in a rapidly changing European landscape of regulated digital finance.
