Ahead of the EU’s MiCA regulations taking effect in December, Quantoz Payments has launched two MiCA-compliant stablecoins, USDQ and EURQ, on Ethereum.
A Netherlands-based company has introduced two stablecoins that are MiCA-compliant, just prior to the complete implementation of the European Union’s Markets in Crypto-Assets regulation in December.
More Details on MiCA-Compliant Stablecoins USDQ
Two new tokens, USDQ and EURQ, are being issued by Quantoz Payments. These stablecoins are pegged to the dollar and the euro, respectively, and are being issued on the Ethereum blockchain. Quantoz is an Electronic Money Institution that is regulated and licensed by the Dutch Central Bank. The stablecoins are entirely supported by fiat and are “highly liquid financial instruments,” as stated by the company.
The launch occurs at a critical juncture for European crypto investors, as MiCA regulations are scheduled to take effect in December, which will restrict the use of specific stablecoins. The Block previously reported that Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market.
However, other competitors, such as EURQ, are likely to be interested in claiming their own share of the market. In addition, EURC’s stablecoin supply recently reached an all-time high.
Tether, the world’s largest stablecoin issuer, has not yet been granted a license for its stablecoin USDT under MiCA. Coinbase has not yet commented on whether it intends to delist the token in Europe, as it intends to do with other non-compliant stablecoins by the end of the year.
Tether, Kraken, and Fabric Ventures, a venture capital firm specializing in web3 technology, may have invested an undisclosed quantity in Quantoz Payments due to the lack of clarity surrounding USDT.
“Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape,” Tether CEO Paolo Ardoino said.
Quantoz has announced that Bitfinex and Kraken will offer SDQ and EURQ for trading on Thursday, November 21. In compliance with MiCA regulations, Quantoz will maintain 2% of the token on its balance sheet.
“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,” Arnoud Star Busmann, chief executive officer of Quantoz, said.
