Shortly before the European Union's Markets in Crypto-Assets regulation, known as MiCA, takes full effect in December, a Netherlands-based firm has launched two MiCA-compliant stablecoins.
Quantoz Payments is issuing two new tokens, USDQ and EURQ, stablecoins pegged to the dollar and the euro, respectively, on the Ethereum blockchain. Quantoz is regulated and licensed by the Dutch Central Bank as an Electronic Money Institution, and the stablecoins are fully backed by fiat and "highly liquid financial instruments," according to the firm.
The launch comes at a crucial time for European crypto investors, with MiCA regulations restricting certain stablecoins set to go into effect in December. While Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market, The Block previously reported, other competitors such as EURQ are likely looking to claim their own share of the market. EURC's stablecoin supply also recently hit an all-time high.
Tether, the world's largest stablecoin issuer, has yet to receive a license for its stablecoin USDT under MiCA. Coinbase has also not commented on whether or not it will delist the token in Europe, as it plans to do with other non-compliant stablecoins by the end of the year.
The lack of clarity around USDT might provide one reason why Tether invested an undisclosed sum, alongside Kraken and web3 venture capital firm Fabric Ventures, in Quantoz Payments.
"Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape," Tether CEO Paolo Ardoino said.
USDQ and EURQ will be available for trading on Bitfinex and Kraken on Thursday, Nov. 21, according to Quantoz. Quantoz will hold 2% of the token on its balance sheet in accordance with MiCA regulations.
"The support through this investment round from some of the best businesses in digital assets will enable us to provide a timely solution for digital asset markets as well as unlock the benefits of blockchain-based money for more traditional use cases," Quantoz CEO Arnoud Star Busmann said.
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