Dutch fintech company Quantoz has introduced two new MiCA-compliant stablecoins, USDQ and EURQ, with backing from major market players such as Tether, Kraken, and Fabric Ventures.
Launch of Stablecoins
Quantoz presents two new stablecoins, USDQ and EURQ, pegged to the US dollar and euro respectively. These stablecoins are set to launch on November 18 and will be tradable on Kraken and Bitfinex platforms shortly thereafter.
Technical Details and Backing
The stablecoins operate on the Ethereum blockchain and are fully backed by fiat reserves and highly liquid financial instruments like government bonds. Quantoz holds an Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB), ensuring compliance with MiCA directives. The firm will also maintain an additional 2% reserve as mandated by MiCA.
Quantoz's Market Opportunities
With MiCA's new regulations set to take effect in December, stablecoin issuers are required to maintain full fiat backing. Quantoz sees an opportunity in this space, especially with EURQ, considering the dominance of Circle's and Société Générale's coins. However, Tether's CEO cautioned about MiCA's requirement to hold 60% of reserves in European banks, presenting potential systemic risks.
The launch of stablecoins USDQ and EURQ, supported by companies like Kraken and Tether, showcases Europe's leading role in digital asset regulation. As MiCA reshapes the market, Quantoz aims to address crucial gaps in the stablecoin sector with innovative and compliant solutions.
