Quantoz Payments, a Netherlands-based blockchain firm, has announced its plan to launch two new MiCA-compliant stablecoins, USDQ and EURQ, pegged to the US Dollars and Euro, respectively.
The firm revealed that the stablecoins will be launched on November 21 and will be listed by both Bitfinex and Kraken.
Quantoz Payments To Launch Two Mica-Compliant Stablecoins – USDQ And EURQ
In a recent X post, Quantoz Payments announced that it will soon issue its Euro and US Dollar stablecoins named USDQ and EURQ. Quantoz also published a press release to this effect.
The press release mentioned that the two MiCA-compliant ETH-based stablecoins are fully backed by fiat currencies and meet the regulatory standards of the European Economic Area (EEA).
Quantoz is currently operating as an electronic money institution (EMI), fully authorized and supervised by De Nederlandsche Bank (DNB). These are necessary requirements for stablecoin issuers to operate in the EU.
This stablecoin issuance is coming at a time when the EU stablecoin market is set for a shake-up as the Markets in Crypto Assets (MiCA) framework for stablecoin issuers will be fully effective by the end of this year.
According to Quantoz, USDQ and EURQ will be available for trading on Bitfinex and Kraken on Thursday, November 21. In accordance with the MiCA framework, Quantoz will hold 2% of the stablecoins on its balance sheet
Quantoz added that USDQ and EURQ stablecoins are designed to provide compliant liquidity in secondary markets and support payments and electronic money transfers.
Tether Backs USDQ And EURQ
The announcement revealed that a group of investors, which include the stablecoin giant Tether, Fabric Ventures, and Kraken crypto exchange, have underlined their support for the stablecoins by investing in Quantoz.
However, Quantoz has not disclosed the size of their investment in the project.
Although Tether is funding the two new stablecoins, which already have the MiCA approval, its USDT stablecoin is yet to secure a MiCA license in the EU.
Hence, Tether’s status in the European Economic Area (EEA) remains uncertain as the MiCA regulations will become fully effective by December of this year. If Tether is eventually delisted in the region, the firm’s investment stake in Quantoz may serve as a strategic hedge.
Although Tether announced in August that it would introduce a new stablecoin linked to the United Arab Emirates (UAE) dirham, to date, the firm has not released any major announcement about the new stablecoin.
USDQ and EURQ Stablecoins, Not The First In The Region
Quantoz’s upcoming USDQ and EURQ stablecoins are not the only stablecoins on the MiCA-aligned digital assets, optimized for integration with crypto exchanges.
EURI, launched last August, is the first bank-backed stablecoin to be regulated under MiCA within the European Economic Area (EEA). Shortly after its launch, EURI stablecoin was listed on Binance for depositing, trading, and withdrawals.
