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Dutch Fintech Firm Quantoz to Launch MiCAR-Compliant Stablecoins Pegged to Euro and U.S. Dollar
Quantoz Payments, a Netherlands-headquartered payment tech firm, is set to introduce two MiCAR-compliant stablecoins — EURQ and USDQ. These new cryptocurrencies are designed to facilitate payments and transfers across markets, aligning with the upcoming Markets in Crypto-Assets regulations.
According to a press release dated November 18, Quantoz announced that the EURQ and USDQ tokens will operate on the Ethereum blockchain. These stablecoins will be backed by fiat reserves and supervised by De Nederlandsche Bank, ensuring a high level of trust and transparency.
Key Features of EURQ and USDQ
The stablecoin issuer emphasized that transactions using EURQ and USDQ will be more cost-effective compared to existing payment infrastructures. Major crypto exchanges, including Bitfinex and Kraken, will be the first to list these tokens for trading starting November 21.
Advantages of MiCAR-Compliant Stablecoins
“The MiCA regulation brings a new level of trust to digital assets markets, not least through its prudential requirements on the issuers of stablecoins.”
Arnoud Star Busmann, CEO of Quantoz, highlighted the importance of well-regulated, transparent, and fully backed stablecoins in the increasingly digital world of payments. He noted that such stablecoins are crucial for enabling faster, cheaper, and more secure settlements within the world’s largest single market.
Backing and Oversight
Quantoz assures that the EURQ and USDQ stablecoins are fully backed one-to-one by fiat reserves and highly liquid financial instruments, such as government bonds. These reserves are managed by an independent foundation, subject to oversight by De Nederlandsche Bank, and placed in segregated accounts with banks. Additionally, under MiCAR guidelines, Quantoz is required to maintain an additional 2% reserve on its own balance sheet.
Investment and Support
A group of investors, including Fabric Ventures, Kraken, and stablecoin giant Tether, have invested in Quantoz. Although the size of the funding was not disclosed, this investment underscores the growing interest and support for MiCAR-compliant stablecoins.
As the cryptocurrency market evolves, the introduction of EURQ and USDQ represents a significant step towards more secure and efficient digital payment solutions. These stablecoins are poised to play a crucial role in the future of digital finance.
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