EURQ and USDQ- Quantoz Stablecoins USDQ and EURQ to Launch on Bitfinex, Kraken
EURQ and USDQ– In a significant move just ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulation coming into full effect in December, Quantoz Payments, a blockchain firm based in the Netherlands, has launched two new stablecoins: USDQ and EURQ. These tokens are pegged to the U.S. dollar and the Euro, respectively, and are fully compliant with the upcoming MiCA regulations. The stablecoins are issued on the Ethereum blockchain, making them accessible to a broad market of crypto investors. Quantoz Payments is licensed by the Dutch Central Bank as an Electronic Money Institution (EMI), ensuring a regulatory framework for their operations.
Strategic Timing and Market Competition
The timing of this launch could not be more crucial for European crypto investors, as MiCA regulations are set to impact the market starting in December 2024. MiCA will impose new restrictions on certain stablecoins, creating a more competitive and regulated landscape. USDQ and EURQ are entering a market already dominated by stablecoins like Circle’s EURC and Société Générale’s EURCV, which currently hold a significant market share in the Euro-stablecoin market. According to reports from The Block, EURC’s supply recently hit an all-time high, indicating strong demand. The launch of EURQ may be Quantoz’s attempt to carve out a competitive slice of this growing market.
While Tether’s USDT, the world’s largest stablecoin, remains one of the most significant players in the space, it has yet to receive official MiCA approval. This uncertainty around USDT‘s regulatory status in Europe could be one of the reasons why Tether has partnered with Quantoz, alongside Kraken and Fabric Ventures, to provide funding for the company.
Tether’s Investment and Future Plans for MiCA-Compliant Stablecoins
Tether’s partnership with Quantoz Payments and its investment in the company reflect its commitment to ensuring the availability of compliant and regulated stablecoin solutions within the European market. Paolo Ardoino, CEO of Tether, stated that the company’s support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape.
With USDQ and EURQ set to be listed on major exchanges Bitfinex and Kraken on November 21, 2024, the launch offers an opportunity for European and global traders to access MiCA-compliant stablecoins ahead of the regulatory changes. Quantoz will retain 2% of the total supply of these tokens on its balance sheet, in line with MiCA’s guidelines.
Looking Forward: Quantoz’s Role in the Digital Asset Market
Quantoz Payments’ entry into the stablecoin market with USDQ and EURQ represents a significant step forward in creating regulated digital asset solutions. Arnoud Star Busmann, CEO of Quantoz, emphasized that the firm’s strategy is to provide timely solutions to the evolving digital asset markets. He noted that the support from leading firms in the digital asset space, such as Tether, Kraken, and Fabric Ventures, would allow Quantoz to unlock the full potential of blockchain-based solutions, not only for crypto applications but also for more traditional use cases.
The launch of these MiCA-compliant stablecoins positions Quantoz to become a major player in the European digital finance sector, especially as the region moves towards stricter regulatory standards. The collaboration with Tether and other prominent players also strengthens the credibility of Quantoz’s new offerings and sets the stage for further innovations in the blockchain and digital currency space.
As MiCA regulations become more stringent, it will be interesting to see how other stablecoin issuers respond, and whether Quantoz’s USDQ and EURQ can successfully capture market share in this increasingly regulated environment.
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