Quantoz Launches MiCA-Compliant USDQ and EURQ Stablecoins Ahead of Regulation
As the European Union's Markets in Crypto-Assets MiCA regulation takes effect on December 30, 2024, Quantoz Payments, a Netherlands-based fintech company, has launched two stablecoins, USDQ and EURQ. These tokens, pegged to the US dollar and the euro, aim to transform the European crypto market.
Quantoz Aims to Challenge Euro-Stablecoin Dominance
Backed by fiat currencies, Quantoz’s USDQ and EURQ are built on the Ethereum blockchain and comply with MiCA regulations. As a regulated Electronic Money Institution authorized by the Dutch Central Bank, Quantoz ensures both tokens meet rigorous MiCA standards. MiCA aims to stabilize Europe’s rapidly growing crypto market.
MiCA will standardize the regulatory environment across the EU, replacing the fragmented approach where each member state had its own rules. The unified framework will govern issuance, trading, and custody of crypto assets, aiming to prevent market manipulation and protect investors throughout Europe.
Quantoz’s launch is timely as MiCA regulations will restrict specific types of stablecoins by year-end. USDQ and EURQ are positioned to compete in the European stablecoin market, currently dominated by Circle’s EURC and Société Générale’s EURCV, which hold a combined 67% market share. Quantoz intends to challenge this dominance and capture a significant market share.
USDQ and EURQ to Launch on Major Exchanges
Quantoz Payments aims to be a key player in the post-MiCA crypto landscape. USDQ and EURQ will be available for trading on November 21, 2024, on major exchanges such as Bitfinex and Kraken. In compliance with MiCA, Quantoz will maintain 2% of the token on its balance sheet to ensure liquidity and stability in the digital asset market.
“The support through this investment round from some of the best businesses in digital assets will enable us to provide a timely solution for digital asset markets as well as unlock the benefits of blockchain-based money for more traditional use cases,” stated Quantoz CEO Arnoud Star Busmann.
This partnership signifies a crucial advancement in Quantoz’s mission to connect the traditional financial sector with decentralized finance. The backing from Tether, Kraken, and Fabric Ventures enhances Quantoz’s credibility in establishing USDQ and EURQ as leading players in the European crypto space.
“Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape,” remarked Tether CEO Paolo Ardoino.