Dutch fintech company Quantoz will introduce stablecoins based on the euro and US dollar that are MiCAR compliant to streamline cross-market payments and transfers.
As the Markets in Crypto-Assets laws approach, Quantoz Payments, a payment technology company headquartered in the Netherlands, intends to launch two stablecoins that comply with MiCAR: EURQ and USDQ.
The euro and US dollar-pegged tokens will function on the Ethereum blockchain, supported by cash reserves and overseen by De Nederlandsche Bank, according to a news release issued by Quantoz on November 18.
According to the stablecoin issuer, transactions in both tokens would be “cheaper when compared to existing payment infrastructure.”
On November 21, Bitfinex and Kraken, two cryptocurrency exchanges, will be the first to list EURQ and USDQ for trading to qualified customers.
Commenting on the launch, Quantoz chief executive Arnoud Star Busmann says the MiCA regulation brings a “new level of trust to digital assets markets, not least through its prudential requirements on the issuers of stablecoins.” Arnoud Star Busmann:
As the world of payments becomes more digital, 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.”
Although the amount of the money was not made public, a number of investors, including Fabric Ventures, Kraken, and the massive stablecoin Tether, also contributed to Quantoz at the same time.
Quantoz claims that EURQ and USDQ in circulation are “fully backed” one-to-one by fiat reserves and “highly liquid financial instruments such as government bonds”.
According to the news release, the reserves are held in separate bank accounts and overseen by an “independent foundation”. Quantoz must also keep an extra 2% reserve on its balance sheet.
