Quantoz Payments, a Netherlands-based Electronic Money Institution (EMI), announced the launch of two MiCAR-compliant stablecoins – EURQ and USDQ.
Launched on 18 November 2024, the tokenization effort is supported through investments by major crypto firms including Tether, Kraken, Fabric Ventures.
Furthermore, Quantoz revealed that Bitfinex and Kraken plan to be the first to list EURQ and USDQ for trading on 21 November 2024.
Quantoz Payments Issues Euro and US Dollar Stablecoins and receives an investment from Fabric Ventures, Kraken and Tether. Read the full press release with statements from @ahansjee (@fabric_vc), @marklg (@krakenfx), @paoloardoino (@Tether_to), and our @QuantozPay CEO… pic.twitter.com/Ur5AUjm5kp
— Quantoz (@Quantoz) November 18, 2024
What Are EMTs? Does MiCA Regulation Bring New Level Of Trust?
Fiat reserves and highly liquid financial products, including government bonds, fully back the quantity of EURQ and USDQ in circulation one to one.
These euro- and US dollar-referenced E-Money Tokens (EMTs) are designed to meet the stringent regulatory requirements of Europe’s Markets in Crypto-Assets Regulation. MiCAR aims to standardize crypto regulations across the European Union .
“The MiCA regulation brings a new level of trust to digital assets markets, not least through its prudential requirements on the issuers of stablecoins,” said Arnoud Star Busmann, CEO of Quantoz Payments.
Furthermore, Busmann insists on the advantages of a well-regulated, transparent and fully backed stablecoins. According to him it is essential for enabling faster, cheaper and more secure settlement within the world’s largest single market.
Meanwhile, Tether CEO Paolo Ardoino said, “Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape.”
Mark Greenberg, VP of Product & GM of Consumer at Kraken said, “We’re pumped to join this investment round and team up with industry partners to push the mission of crypto adoption forward.”
Explore: Circle Secures First MiCA-Compliant Stablecoin License in Europe, Sets Precedent
“Requirement Of Maintaining 100% Reserves To Fully Back All Circulating Assets”
In addition to the requirement of maintaining 100% reserves to fully back all circulating assets, Quantoz is also required to hold an additional 2% on its own balance sheet as part of its obligations under MiCAR.
“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,” said Anil Hansjee, General Partner at Fabric Ventures. “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.”
Explore: EU’s MiCA Regulations Become Top Priority for Stablecoin Issuers As June Deadline Approaches
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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