November 18, 2024
Quantoz Payments, a Netherlands-based blockchain technology company, has announced the launch of two MiCA-compliant stablecoins, USDQ and EURQ.The stablecoins, pegged to the US dollar and euro respectively, are fully backed by fiat currencies and liquid financial instruments. The company, regulated as an Electronic Money Institution by the Dutch Central Bank, developed these assets to align with the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulation, set to take effect in December.
The launch coincides with a pivotal period for the European crypto industry, as MiCA will restrict non-compliant stablecoins. Currently, Circle’s EURC and Société Générale’s EURCV command the majority of the euro-stablecoin market, holding a 67% share. With competitors like EURQ entering the market, the landscape may shift. MiCA’s introduction has also raised concerns about the future availability of stablecoins like Tether’s USDT, which has yet to receive a MiCA license. Coinbase, among other platforms, has announced plans to delist non-compliant tokens in Europe, opening opportunities for MiCA-compliant stablecoins to gain market share.
The initiative is backed by an undisclosed investment from Tether, Fabric Ventures, and Kraken. Tether’s involvement reflects its interest in supporting regulated blockchain projects. USDQ and EURQ are scheduled to begin trading on Bitfinex and Kraken starting November 21. Under MiCA regulations, Quantoz will maintain 2% of the total supply of these tokens on its balance sheet.
About Quantoz
Quantoz Payments is a Netherlands-based provider of blockchain and digital asset solutions. Licensed as an Electronic Money Institution by the Dutch Central Bank, the company develops compliant financial technologies, including stablecoins and payment platforms. Its offerings cater to businesses and individuals seeking regulated digital financial tools.
Website: https://quantoz.com/
X: @Quantoz
About Investors Tether
Tether is a leading issuer of stablecoins, including USDT, with a focus on advancing digital asset innovation.
Location: British Virgin Islands
Website: https://tether.to/en/
Fabric Ventures
Fabric Ventures is a venture capital firm specializing in Web3 and blockchain projects.
Location: London, England
Website: https://www.fabric.vc/
Kraken
Kraken is a global cryptocurrency exchange providing trading services and blockchain support.
Location: San Francisco, CA Website:https://www.kraken.com/ A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments