Quantoz Payments Launches Euro and US Dollar Stablecoins with Major Backing
21 NOV, 2024
Quantoz Payments B.V., a Netherlands-based payments technology company, has announced the launch of two new stablecoins, EURQ and USDQ. These euro- and US dollar-referenced E-Money Tokens (EMTs) are designed to comply with MiCA regulations and will be available for trading on major exchanges from November 21st.
Stablecoins to Revolutionize Payments in Europe
On November 18th, Quantoz began issuing EURQ and USDQ on the Ethereum blockchain. As an Electronic Money Institution (EMI) regulated by De Nederlandsche Bank (DNB), Quantoz aims to enhance euro and dollar transfers within digital and traditional financial systems. These blockchain-based EMTs promise faster, more secure, and cost-effective payments, offering significant advantages over existing infrastructure.
Leading crypto-asset exchanges Bitfinex and Kraken are set to list the stablecoins for trading later this week, opening new opportunities for digital asset transfers and enabling smoother interactions between fiat and cryptocurrency markets.
Arnoud Star Busmann, CEO of Quantoz, highlighted the significance of the launch:
"Having well-regulated, transparent, and fully backed stablecoins is critical to enabling faster, cheaper, and more secure settlement within the world’s largest single market.”
Major Backing from Industry Leaders
Quantoz’s initiative has gained the support of key players in the digital asset industry, including Fabric Ventures, Kraken, and Tether. These firms have collectively invested in Quantoz, recognizing its compliance expertise and innovative payment solutions.
Anil Hansjee of Fabric Ventures praised Quantoz’s approach: "Few players can achieve stablecoin issuance at scale. Quantoz has mastered the regulatory, technical, and market dynamics to succeed."
Mark Greenberg of Kraken emphasized the role of stablecoins in connecting traditional finance with decentralized systems: "We’re excited to back Quantoz in pushing the mission of crypto adoption forward."
Tether CEO Paolo Ardoino added: "Supporting Quantoz aligns with our goal of fostering innovative and compliant solutions in the digital asset ecosystem."
Regulated Stability for Digital Assets
EURQ and USDQ will be fully backed 1-to-1 by fiat reserves and liquid instruments like government bonds, managed by an independent foundation under strict oversight by DNB. These reserves are held in segregated Tier 1 bank accounts, ensuring compliance with MiCAR regulations. Additionally, Quantoz is required to maintain an extra 2% of assets on its balance sheet to enhance stability and trust.
This marks a significant milestone for Quantoz, which previously launched EURD, another euro-backed stablecoin tailored for consumer payment ecosystems and corporate treasury management. With the support of prominent digital asset firms, Quantoz aims to bridge the gap between traditional finance and blockchain-based solutions, unlocking new possibilities in the payments landscape.
