Quantoz, supported by Tether, launches MiCA-compliant stablecoins
New stablecoins
The Dutch company Quantoz Payments has launched two stablecoins that comply with MiCA regulations, as the European Union’s Markets in Crypto-Assets Regulation is set to take effect this December.
Quantoz Payments introduced two new tokens — USDQ and EURQ, stablecoins pegged to the dollar and euro respectively, on the Ethereum blockchain. The company states that it holds a license from the Dutch Central Bank and that the stablecoins are fully backed by fiat currency and "highly liquid financial instruments."
The launch comes at a critical moment for European crypto investors, with MiCA's restrictions on certain stablecoins coming into force in December. While Circle’s EURC and Société Générale’s EURCV currently hold a record 67% of the euro stablecoin market, other competitors like EURQ are likely looking to claim their share of the market.
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USDQ and EURQ will be available for trading on Bitfinex and Kraken starting Thursday, November 21. In compliance with MiCA regulations, Quantoz will hold 2% of the issued tokens on its balance sheet.
Why Tether supports the new stablecoins
Tether, the world’s largest stablecoin issuer, has yet to receive a license for its USDT under MiCA. The uncertainty around USDT may be one reason why Tether invested an undisclosed sum in Quantoz Payments alongside Kraken and venture capital firm Fabric Ventures.
“Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape,” said Tether CEO Paolo Ardoino.
In October, the European Securities and Markets Authority (ESMA) called on the European Commission to amend the Markets in Crypto-Assets Regulation (MiCA) to better meet the sector’s evolving needs and close regulatory gaps.
