As a seasoned researcher with a keen eye for trends in the blockchain and crypto space, I find this development between Tether and Quantoz Payments quite intriguing. Having closely followed the stablecoin market’s growth and evolution over the years, it’s clear that Tether’s investment in Quantoz is yet another step forward in solidifying their presence in the real-world asset tokenization market.
Tether plans to put money into Quantoz Payments for facilitating the debut of Euro-linked (EUR) and Dollar-linked (USD) stablecoins, named EURQ and USDQ respectively.
On November 18th, Tether disclosed their intentions to invest in a Dutch-based payment company, which will enable them to issue electronic money tokens tied to traditional currencies.
On November 18, 2024, Quantoz, a company authorized as an Electronic Money Institution by the Dutch Central Bank, debuted two digital currencies that adhere to the MiCA regulations. These stablecoins, EURQ and USDQ, will become available on crypto platforms Kraken and Bitfinex starting November 21.
Quantoz utilized Hadron, a platform by Tether, to launch the EURQ and USDQ digital coins. This move underscores Tether’s expanding influence in the market for real-world asset tokenization.
The launch plays a significant role in the thriving $200 billion market for stablecoins, with Tether (USDT) being the leading player, worth more than $127 billion at this moment. Notable participants in this field also include Circle and Paxos, as well as emerging competitors like Ripple. All these entities strive to foster the acceptance of cryptocurrencies and blockchain technology using stablecoins.
Commenting on the investment in Quantoz, Tether’s chief executive officer, Paolo Ardoino, stated:
We demonstrate our commitment to providing more widespread access to secure, law-abiding financial resources by endorsing Quantoz and introducing advanced technologies such as Hadron by Tether. These tools aim to increase user autonomy while fostering confidence within the digital community.
As an analyst, I can share that in addition to my project, Tether, I’ve also received financial backing from venture capital firm Fabric Ventures and crypto exchange Kraken. In a recent press statement, we highlighted our commitment to maintaining a 1:1 reserve in fiat for both EURQ and USDQ.
The reserves will encompass not only cash equivalents like government securities, safely kept in separate accounts that adhere to regulatory standards, but also the company will set aside an extra 2% of these reserves on their own balance sheet to fulfill the requirements for stablecoin issuers as stipulated by MiCA regulations.
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2024-11-18 18:50