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Quantoz Payments has revealed the launch of USDQ, a stablecoin pegged to the dollar, and EURQ, a stablecoin pegged to the euro, within the European Economic Area. These assets comply with MiCA regulations.
Quantoz Payments, a division of the Dutch FinTech firm Quantoz NV, has announced the issuance of EURQ and USDQ stablecoins that adhere to the Markets in Crypto-Assets (MiCA) legislation governing cryptocurrencies in the European Union. The initiative is supported by a consortium of investors, including Tether, Kraken, and Fabric Ventures.
EURQ and USDQ will be classified as electronic money tokens (EMT), with their values tied to the euro and U.S. dollar, respectively. The tokens will be launched on the Ethereum blockchain. Quantoz, the issuer, holds a license as an Electronic Money Institution (EMI) from De Nederlandsche Bank (DNB).
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The new assets are entirely backed at a 1:1 ratio by fiat reserves and highly liquid financial instruments, such as government bonds. These financial reserves will be kept in separate accounts with tier 1 banking partners and managed by an independent fund under DNB’s oversight. Additionally, Quantoz must maintain an extra 2% on its balance sheet in accordance with its MiCA responsibilities.
EURQ and USDQ are intended to streamline transfers and payments in euros and U.S. dollars within secondary markets and cryptocurrency exchanges. These assets will facilitate decentralized payments that are quicker, more transparent, safer, and less expensive than conventional payment systems. Bitfinex and Kraken have already announced their intention to list EURQ and USDQ for trading on their platforms starting November 21.
The implementation of regulatory requirements for stablecoin issuers under the European MiCA law has compelled major cryptocurrency exchanges licensed in Europe to proactively revise their stablecoin listing policies during the summer of 2024.
Сообщение MiCA-Compliant EURQ and USDQ Stablecoins Issued in EU появились сначала на CoinsPaid Media.
