Quantoz Payments launches two new stablecoins, USDQ and EURQ, complying with the EU’s MiCA regulation and fully backed by fiat currencies and liquid financial instruments.
In a strategic move to support compliant projects and maintain a presence in the evolving European market, Tether has invested in Quantoz alongside Kraken and Fabric Ventures. This comes as European investors face impending restrictions on non-compliant stablecoins, providing a regulated alternative to dominant players such as Circle’s EURC and Société Générale’s EURCV.
Quantoz and Tether: the emergence of regulated stablecoins in Europe
As the European Union’s MiCA regulation nears full implementation, Dutch company Quantoz Payments has launched two new stablecoins – USDQ and EURQ, backed by the US dollar and the euro respectively. These digital assets, built on the Ethereum blockchain, meet the stringent criteria set by MiCA and are fully supported by fiat currencies and highly liquid financial instruments, ensuring transparency and security for users.
Operating as an Electronic Money Institution under the supervision of the Dutch Central Bank, Quantoz offers an innovative solution that adheres to new regulatory requirements. The timing of this development is crucial for European cryptocurrency investors, with imminent restrictions on non-MiCA compliant stablecoins.
A changing market
The MiCA regulation is reshaping the stablecoin market in Europe, where Circle’s EURC and Société Générale’s EURCV currently dominate with a combined market share of 67%. The introduction of EURQ could disrupt the market and provide investors with a solid regulated alternative. The demand for compliant solutions is increasing, evident in the record growth of regulated stablecoins like EURC.
Quantoz: strategic support from Tether and Kraken
Despite being a global leader, Tether has not yet obtained a MiCA license for its stablecoin USDT, raising uncertainty about its future in Europe. Coinbase’s recent announcement to delist non-compliant stablecoins by the end of the year further intensifies the pressure on stablecoin issuers. Tether’s decision to invest in Quantoz Payments alongside Kraken and Fabric Ventures is a logical move in this context, as it may be driven by the need to support compliant projects and diversify its presence in the European sector.
Paolo Ardoino, CEO of Tether, emphasized the significance of this commitment:
Our support for Quantoz demonstrates Tether’s commitment to promoting innovative and regulated solutions in the digital asset landscape.
The impact on the crypto ecosystem in Europe
Tether’s strategic investment and the launch of USDQ and EURQ are major milestones in the evolution of stablecoins in Europe. With their scheduled listing on Bitfinex and Kraken on November 21st, these assets offer a new option for users seeking compliant and secure solutions.
Arnoud Star Busmann, CEO of Quantoz, expressed confidence in this new era:
The support of some of the top digital asset companies allows us to offer a solution that meets market needs and makes the benefits of blockchain-based money accessible to more traditional use cases.
