Quantoz Launches MiCA-Compliant Stablecoins with Tether Funding Amid Regulatory Shift

Bitfinex and Kraken Gear Up for USDQ, EURQ Listings

Quantoz, a Netherlands-based fintech firm, is set to launch two MiCA-compliant stablecoins, USDQ and EURQ, with listings on Bitfinex and Kraken beginning November 21. These Ethereum-based tokens are fully backed by fiat currencies and adhere to the rigorous standards outlined by the European Economic Area (EEA). 

The launch coincides with the final phase of the Markets in Crypto Assets (MiCA) regulatory framework, slated for full implementation in December, marking a pivotal moment for the European stablecoin market.

The project is underpinned by an undisclosed funding round from Tether, Kraken, and Fabric Ventures, signaling robust institutional backing. Tether, the world’s largest stablecoin issuer, has invested heavily in Quantoz as part of its strategic expansion into regulated digital assets. 

This move highlights the growing importance of compliance in the rapidly evolving crypto space. Quantoz operates as an electronic money institution (EMI) under the supervision of De Nederlandsche Bank (DNB), reinforcing its credibility in the financial sector.

Arnoud Star Busmann, CEO of Quantoz Payments, emphasized the significance of MiCA’s regulatory framework in fostering trust and transparency in digital assets. 

“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 settlements within the world’s largest single market,” Busmann said. His statement underscores the broader implications of MiCA, which aims to position the European market as a global leader in digital asset regulation.

While Tether's involvement strengthens Quantoz’s venture, its own USDT stablecoin has yet to secure a MiCA license. This regulatory uncertainty could lead to USDT’s delisting in the EEA by the end of 2024. By backing Quantoz, Tether may be hedging against this risk, ensuring a foothold in the European market regardless of USDT’s regulatory fate.

Quantoz's latest offering builds on the success of its Euro-backed stablecoin, EURD, which operates on the Algorand blockchain. EURD supports a wide range of applications, from e-commerce and peer-to-peer payments to Web3 and metaverse integrations. It also facilitates asset tokenization and low-cost settlements, enhancing its utility across various financial ecosystems.

The introduction of USDQ and EURQ expands Quantoz’s portfolio of MiCA-aligned assets, designed to provide compliant liquidity for cryptocurrency exchanges and electronic money transfers. As the European Union sets new global standards for digital assets, these developments reflect the region’s commitment to regulatory excellence and innovation in the stablecoin sector.

This article has been refined and enhanced by ChatGPT.