Tether CEO Paolo Ardoino emphasized that supporting Quantoz reflects Tether’s commitment to fostering innovative and regulated solutions in the digital asset landscape.
As the European Union’s Markets in Crypto-Assets (MiCA) regulation takes effect next month, Quantoz Payments, a Netherlands-based fintech company, has launched two new stablecoins, USDQ and EURQ, ahead of MiCA’s implementation on December 30, 2024. These tokens pegged to the US dollar and the euro, are set to revolutionize the European crypto market.
Quantoz Aims to Challenge Euro-Stablecoin Dominance
Backed by fiat currencies, Quantoz’s stablecoins, USDQ and EURQ, are built on the Ethereum blockchain and are designed to be fully compliant with MiCA regulations. As a regulated Electronic Money Institution authorized by the Dutch Central Bank, Quantoz guarantees that both tokens meet MiCA’s rigorous standards. MiCA aims to bring stability to Europe’s fast-growing crypto market.
The implementation of MiCA will end the previously fragmented regulatory environment within the European Union, where each member state has its own crypto regulations. Under MiCA, crypto assets will be governed by a unified framework that covers issuance, trading, and custody. These regulations seek to prevent market manipulation while protecting investors across Europe.
Quantoz’s timing is crucial, as MiCA regulations will soon limit specific types of stablecoins by year-end. This places USDQ and EURQ at the forefront of the European stablecoin market. Currently, Circle’s EURC and Société Générale’s EURCV dominate with a 67% market share in the euro-backed stablecoin sector. Quantoz now seeks to challenge this dominance and secure a significant share of the market.
USDQ and EURQ to Launch on Major Exchanges
Quantoz Payments is positioning itself as a key player in the post-MiCA crypto landscape. The company’s stablecoins, USDQ and EURQ, will be available for trading on November 21, 2024, on major exchanges like Bitfinex and Kraken. As part of MiCA compliance, Quantoz will hold 2% of the token on its balance sheet, ensuring liquidity and stability for the digital asset market.
“The support through this investment round from some of the best businesses in digital assets will enable us to provide a timely solution for digital asset markets as well as unlock the benefits of blockchain-based money for more traditional use cases,” said Quantoz CEO Arnoud Star Busmann.
This partnership marks a crucial step in Quantoz’s mission to bridge the gap between the traditional financial sector and the emerging world of decentralized finance. The backing of Tether, Kraken, and Fabric Ventures adds significant credibility to Quantoz’s efforts to make USDQ and EURQ the leading players in the European crypto space.
“Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape,” said Tether CEO Paolo Ardoino.
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