Quantoz Payments announced the issuance of USDQ, a dollar-pegged stablecoin, and EURQ, a euro-pegged stablecoin, in the European Economic Area. The assets are MiCA compliant.
Quantoz Payments, a subsidiary of Dutch FinTech company Quantoz NV, announced the issuance of EURQ and USDQ stablecoins compliant with the Markets in Crypto-Assets (MiCA) bill, which regulates cryptocurrencies in the European Union. The project is backed by a group of investors including Tether, Kraken, and Fabric Ventures.
EURQ and USDQ will be licensed as electronic money tokens (EMT), with their value pegged to the euro and U.S. dollar, respectively. The tokens will be issued on the Ethereum blockchain. Quantoz, the issuer, is licensed as an Electronic Money Institution (EMI) by De Nederlandsche Bank (DNB).
The new assets are fully backed in a 1:1 ratio by fiat reserves and highly liquid financial instruments, such as government bonds. The financial reserves will be deposited in separate accounts with tier 1 banking partners and managed by an independent fund under the supervision of DNB. Moreover, Quantoz is required to hold an additional 2% on its balance sheet as part of its MiCA obligations.
EURQ and USDQ are designed to facilitate transfers and payments in euros and U.S. dollars in secondary markets and crypto exchanges. The assets will enable decentralized payments that are faster, more transparent, safer, and cheaper than traditional payment infrastructure. Bitfinex and Kraken already announced plans to launch EURQ and USDQ for trading on their platforms on November 21.
The entry into force of the regulatory requirements for stablecoin issuers under the European MiCA law forced major cryptocurrency exchanges licensed to operate in Europe to actively amend their stablecoin listing policies in the summer of 2024.
Сообщение MiCA-Compliant EURQ and USDQ Stablecoins Issued in EU появились сначала на CoinsPaid Media.