As a seasoned crypto investor with a knack for spotting promising opportunities and a keen eye for regulatory compliance, I find myself intrigued by the announcement made by Quantoz Payments. The launch of their MiCAR-compliant stablecoins EURQ and USDQ is not just another addition to the crowded crypto market; it’s a strategic move that could revolutionize cross-border payments and transfers, especially considering the backing from heavyweights like Fabric Ventures, Kraken, and Tether.
A Dutch financial technology company, Quantoz, plans to introduce stablecoins that are compliant with MiCAR and are tied to the Euro and US Dollar. This move aims to simplify transactions and money transfers between various markets.
Based in the Netherlands, the payment technology company Quantoz Payments is preparing to launch two stablecoins – EURQ and USDQ – that comply with MiCAR regulations. These coins will be pegged to the euro and U.S. dollar respectively, functioning on the Ethereum blockchain. They will have fiat reserves backing them and will be overseen by De Nederlandsche Bank.
According to the stablecoin provider, transactions involving both tokens will cost less than traditional payment systems do. Notably, starting November 21st, crypto platforms Bitfinex and Kraken will start offering EURQ and USDQ for trading to their eligible clients.
Speaking about the launch, Quantoz CEO Arnoud Star Busmann notes that the MiCA regulation establishes a “higher standard of confidence in the digital asset market,” particularly by imposing prudential standards on the entities issuing stablecoins.
In a world where digital transactions are increasingly common, it’s essential to have reliable, transparent, and fully collateralized stablecoins that are properly regulated. These stablecoins will facilitate quicker, less expensive, and more secure transfers within the global economy’s biggest market.
Arnoud Star Busmann
Additionally, it’s worth noting that along with Fabric Ventures, Kraken, and Tether (a significant player in the stablecoin market), a number of investors collectively contributed to Quantoz. However, the specific amount invested remains undisclosed.
According to Quantoz’s statement, both EURQ and USDQ in circulation have a one-to-one backing by fiat currencies and highly liquid financial instruments like government bonds. These reserves are overseen by an independent foundation and subjected to monitoring by DNB, while they are kept in separate accounts with banks.
Furthermore, according to MiCAR regulations, Quantoz must also set aside a 2% reserve from its own funds as well.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- PYTH PREDICTION. PYTH cryptocurrency
- OREO Unveils Six New Products for 2025
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- India signals no fixed timeline for crypto rules, calls for global alliance
2024-11-18 12:32