Quantoz Payments, an electronic money institution (EMI) based in the Netherlands, announcement the launch of two MiCAR-compliant stablecoins – EURQ and USDQ.
Launched on November 18, 2024, the tokenization effort is supported by investments from major crypto companies including Tether, Kraken, and Fabric Ventures.
Additionally, Quantoz revealed that Bitfinex and Kraken plan to be the first to list EURQ and USDQ for trading on November 21, 2024.
Quantoz Payments issues stablecoins in euros and US dollars and receives 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 the MiCA regulation bring a new level of confidence?
Fiat reserves and highly liquid financial products, including government bonds, fully support the amount of EURQ and USDQ in circulation, one for one.
These Euro and US Dollar referenced Electronic Money Tokens (EMT) are designed to meet the strict regulatory requirements of regulating European crypto-asset markets. MiCAR aims to standardize crypto regulations across the European Union.
“The MiCA regulation brings a new level of confidence to digital asset markets, notably through its prudential requirements on stablecoin issuers,” said Arnoud Star Busmann, CEO of Quantoz Payments.
Additionally, Busmann emphasizes the benefits of a well-regulated, transparent and fully backed stablecoin. He said this is essential to enable faster, cheaper and more secure settlement in the world’s largest single market.
Meanwhile, Paolo Ardoino, CEO of Tether, said: “Our support for Quantoz underscores Tether’s commitment to promoting innovative and regulated solutions in the digital asset landscape.”
Mark Greenberg, Vice President of Product and General Manager of Consumer Affairs at Kraken, said: “We are excited to join this investment round and team up with industry partners to advance the crypto adoption mission. . »
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“Requirement to maintain 100% reserves to fully back all outstanding assets”
In addition to the requirement to maintain 100% reserves to fully back all outstanding assets, Quantoz is also required to hold an additional 2% on its own balance sheet as part of its obligations under MiCAR.
“Europeans are talking loudly about MICAR making stablecoin issuance transparent in Europe and while there are clearer rules, very few players can achieve this 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, industry-leading integration and scalable compliance, on-chain transaction monitoring , cash and risk management, a security DNA, not to mention an ability to convince large European companies. exchanges to list you and market makers to provide liquidity, as well as dApps to build use cases around you.
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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.
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