🚀 USDQ and EURQ: The Dutch Stablecoins Set to Shake Up Europe
posted 18 Nov 2024
On November 17, the Dutch blockchain firm Quantoz Payments officially launched two new stablecoins, USDQ and EURQ, pegged to the US dollar and euro, respectively.
Both coins adhere to the European Union’s Markets in Crypto-Assets (MiCA) regulations and are built on the ERC-20 standard. They are now available on the Ethereum blockchain.
Quantoz Payments announces new stablecoin offerings. Source: quantozpay
The company has confirmed plans to list USDQ and EURQ on Bitfinex and Kraken by November 21, with their use confined to the European Economic Area.
Quantoz is regulated by the Dutch Central Bank and holds an Electronic Money Institution (EMI) license. According to the company, the stablecoins are fully backed by cash and highly liquid financial instruments, though the exact assets were not disclosed.
The release of these stablecoins comes as the crypto industry prepares for a significant milestone: the full implementation of MiCA regulations this December.
Currently, EURC (from Circle) and EURCV (from Société Générale) dominate the euro-backed stablecoin market with a 67% share. Quantoz’s EURQ aims to challenge these leaders.
The initiative was supported by investments from Tether, Kraken, and Fabric Ventures, though the financial details remain undisclosed.
Notably, Tether’s inability to secure a license to issue USDT in the Eurozone and Coinbase’s plans to delist non-compliant stablecoins by year-end might explain Tether’s strategic investment in Quantoz.
Quantoz also revealed that 2% of both USDQ and EURQ will be held on the company’s balance sheet, as required by MiCA.
Related: The Origins of the First Stablecoins
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