- Quantoz Payments announces two new stablecoins, EURQ and USDQ, set to launch under MiCAR compliance guidelines.
- Initial offerings of EURQ and USDQ are backed by fiat reserves, with listings planned on Bitfinex and Kraken.
Quantoz Payments B.V., a financial technology company headquartered in the Netherlands, has announced that it will begin issuing two new stablecoins, EURQ and USDQ, on November 18, 2024. These stablecoins are designed to comply with the MiCAR regulations and will be linked to the euro and U.S. dollar, respectively.
The stablecoins will be issued on the Ethereum blockchain by Quantoz, which is an authorized Electronic Money Institution under the supervision of De Nederlandsche Bank (DNB), the central bank of the Netherlands. This regulatory oversight ensures that the stablecoins meet high standards of financial security and compliance.
Arnoud Star Busmann, CEO of Quantoz Payments, said:
“We are thrilled to bring to market truly European-native stablecoins, available on respected venues for European consumers and corporations, issued by a company with its roots in the Netherlands, one of Europe’s leading fintech jurisdictions. The MiCA regulation brings a new level of trust to digital assets markets, not least through its prudential requirements on the issuers of stablecoins.”
The introduction of EURQ and USDQ aims to simplify transactions in digital asset exchanges and secondary markets by providing a stable, fiat-referenced medium of exchange. This could enhance the efficiency, security, and cost-effectiveness of digital transactions compared to traditional payment infrastructures.
Both Bitfinex and Kraken, two globally recognized cryptocurrency exchanges, have expressed plans to list these stablecoins for trading starting November 21, 2024. This listing is expected to provide users with new opportunities for trading and investment.
Arnoud Star Busmann, CEO of Quantoz Payments, expressed enthusiasm for launching what he described as truly European-native stablecoins that adhere to new regulatory standards set by MiCA. He emphasized that these regulations add a layer of trust and safety to the digital assets market by setting clear prudential standards for issuers.
Support for this initiative has come from several notable investors, including Fabric Ventures, Kraken, and Tether, which have invested in Quantoz to support the launch of these stablecoins. These investors highlight the potential for regulated stablecoins to significantly impact the European financial market.
Anil Hansjee, General Partner at Fabric Ventures, commented on the regulatory and operational expertise required to issue stablecoins at scale in Europe, noting that Quantoz has met these challenges effectively. He emphasized the importance of Quantoz’s regulatory licenses, banking partnerships, and operational capabilities in achieving this.
Anil Hansjee, General Partner at Fabric Ventures, said:
“Europeans speak loudly about MICAR making stablecoin issuance seamless in Europe and whilst there are clearer rules, there are very few players that can pull it off at scale. Think regulatory licenses, tier 1 banking partners with adequate liquidity ratios and balance sheets, blockchain expertise, state of the art and scalable compliance onboarding, on chain transaction monitoring, treasury and risk management, security DNA, let alone an ability to convince major European exchanges to list you and market makers to provide liquidity, as well as dApps to build use cases around you.”
Mark Greenberg from Kraken and Paolo Ardoino from Tether both stressed the importance of stablecoins in connecting traditional and decentralized finance, enhancing the utility and adoption of cryptocurrencies.
Paolo Ardoino, CEO of Tether said:
“Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape. By supporting Quantoz and bringing technology solutions like Hadron by Tether, we reinforce our dedication to expanding reliable, compliant financial tools that empower users and build trust across the digital ecosystem.”
Quantoz’s initiative reflects a broader trend towards integrating blockchain technology into mainstream financial operations, with stablecoins playing a critical role in this transition. The successful implementation of EURQ and USDQ could pave the way for more widespread use of digital currencies in regulated financial markets.
