TL;DR
- Dutch fintech company Quantoz Payments has partnered with Tether to launch MiCA-compliant stablecoins USDQ and EURQ, pegged to the U.S. dollar and euro, respectively.
- USDQ and EURQ are fully backed by fiat reserves and licensed as e-money tokens by the Dutch Central Bank, meeting MiCA’s stringent requirements.
- The stablecoins will be listed on Kraken and Bitfinex on November 21, 2024, facilitating faster, cheaper, and more transparent transactions, marking a significant development.
Dutch fintech company Quantoz Payments has partnered with Tether to launch two new stablecoins, USDQ and EURQ, which are compliant with MiCA. These stablecoins are pegged to the U.S. dollar and euro, respectively. They are designed to provide a secure and regulated option for digital payments across the European Economic Area.
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
Backing and Compliance
USDQ and EURQ are fully backed by fiat reserves and licensed as e-money tokens (EMTs) by the Dutch Central Bank (DNB). This ensures that the stablecoins meet MiCA’s stringent requirements, including 1:1 fiat backing and an additional 2% reserve held by Quantoz.
The backing from Tether, Kraken, and Fabric Ventures underscores the commitment to regulatory compliance and transparency, aiming to foster trust in stablecoin issuers within the EU market.
Listing on Major Exchanges
The stablecoins are set to be listed on prominent crypto exchanges Kraken and Bitfinex on November 21, 2024. This listing will enable eligible clients across Europe to access USDQ and EURQ, facilitating faster, cheaper, and more transparent transactions for both corporate and consumer use.
The introduction of these stablecoins marks a significant development in regulated digital finance within the EU, aligning with MiCA’s framework to build trust in the digital assets market.
Quantoz and Tether’s Strategic Importance
The launch of USDQ and EURQ comes at a time when the crypto industry is experiencing increased regulatory scrutiny and a push for greater transparency. By adhering to MiCA’s regulations, Quantoz and Tether aim to set a new standard for stablecoin issuance in Europe.
The collaboration highlights the importance of regulatory compliance in fostering innovation and ensuring the stability of digital financial systems.
Arnoud Star Bussmann, CEO of Quantoz Payments, expressed his enthusiasm for the partnership, stating that the launch of USDQ and EURQ represents a major step forward in providing secure and regulated digital payment solutions.
The support from Tether, Kraken, and Fabric Ventures positions Quantoz to compete effectively in the European stablecoin market, offering a trusted solution for blockchain-based transactions.
Quantoz and Tether’s launch of USDQ and EURQ marks a significant milestone in the evolution of regulated digital finance in Europe. By meeting MiCA’s stringent requirements, these stablecoins are poised to enhance the security, transparency, and efficiency of digital payments across the EEA.
