Tether-Backed Quantoz Unveils MiCA-Compliant Euro and Dollar Stable Assets
Quantoz Payments, a Netherlands-based blockchain company, has entered the European stablecoin market with its MiCA-compliant new assets. The company launched two new tokens, USDQ and EURQ, which are indexed to the dollar and euro.
Quantoz Payments aims to make a significant impact on the European stablecoin market, which is expected to undergo a major transformation with the MiCA regulations coming into effect in December. Obtaining an Electronic Money Institution (EMI) license from the Dutch Central Bank, the company intends to issue its new tokens on the Ethereum blockchain to provide a fast and secure solution for blockchain-based payments.
The stablecoins introduced by Quantoz are backed by fiat currencies and "highly liquid financial instruments." This backing aims to facilitate faster and lower-cost decentralized payments with the new stablecoins. Quantoz's EURQ and USDQ tokens are set to be traded on major cryptocurrency exchanges such as Bitfinex and Kraken starting from November 21.
Another noteworthy development is the financial support Quantoz has received. Leading crypto investors including Tether, Kraken, and Fabric Ventures have invested in the company, reinforcing Quantoz's potential in the digital asset sector. Tether CEO Paolo Ardoino stated that this investment is part of Tether's commitment to supporting innovative and regulatory-compliant solutions.
The launch of Quantoz is highlighted as a significant development in the European stablecoin market ahead of the MiCA regulations coming into effect. These regulations will be restrictive for certain stablecoins, including asset-referenced tokens (ARTs) and electronic money tokens (EMTs) indexed to foreign currencies.
Tether has not yet obtained a MiCA license for its USDT, the largest stablecoin in the market, which contextualizes Tether's investment in Quantoz Payments. Quantoz CEO Arnoud Star Busmann expressed pride in offering these new stable assets in compliance with Europe-specific legal regulations by European-based companies.
In conclusion, the introduction of MiCA-compliant stablecoins by Quantoz Payments is seen as a significant step in the European digital asset industry. With this move, the company aims to increase its market share against competitors like Circle's EURC and Societe Generale's EURCV.