As Europe prepares for comprehensive cryptocurrency regulations, Dutch fintech firm Quantoz has announced the launch of stablecoins EURQ and USDQ, pegged to the euro and US dollar respectively.
Kraken-Backed Quantoz Launches MiCA-Compatible Euro and Dollar Stablecoins
Backed by Kraken, Tether, and Fabric Ventures, Quantoz aims to capture a share of the European stablecoin market amid growing demand for regulatory-compliant digital assets.
Quantoz stablecoins will be issued on the Ethereum blockchain and will be fully backed by liquid financial instruments such as fiat reserves and government bonds.
The firm holds an Electronic Money Institution (EMI) license from the Dutch Central Bank, allowing it to comply with the EU's Markets in Crypto Assets (MiCA) framework.
Starting Thursday, EURQ and USDQ will be listed on major exchanges Bitfinex and Kraken, allowing eligible users to trade the tokens.
The launch comes at a critical moment for the European stablecoin ecosystem, which is valued at $180 billion globally.
The MiCA regulations are due to come into full force by the end of 2024 and will require issuers to meet strict compliance standards or risk being delisted from exchanges in the region.
“There is a gap in the stablecoin market in Europe and we see this as an opportunity. We are confident that our technology and regulatory compliance put us in a strong position, especially with partners like Kraken and Tether,” said Arnoud Star Busmann, CEO of Quantoz Payments.
*This is not investment advice.