Dutch blockchain company Quantoz Payments launches stablecoins USDQ and EURQ, anchored to the US dollar and the euro respectively

Dutch blockchain company Quantoz Payments has launched two new stablecoins, USDQ and EURQ, that comply with the EU's Markets in Crypto-Assets Act (MiCA), anchored to the US dollar and the euro respectively. These stablecoins will be listed on exchanges Bitfinex and Kraken on November 21. Quantoz is regulated by the Dutch Central Bank and holds an Electronic Money Institution (EMI) license, and says its stablecoins are fully backed by fiat currency and "highly liquid financial instruments." The launch comes as MiCA regulations are about to be fully implemented in December. Currently, Circle's EURC and Societe Generale's EURCV have occupied 67% of the euro stablecoin market, and Quantoz's EURQ may join the market competition. In addition, Tether has not yet obtained a USDT issuance license under MiCA, and Coinbase plans to remove all non-compliant stablecoins by the end of the year, which may be one of the reasons why Tether chose to invest in Quantoz. Quantoz also announced that 2% of USDQ and EURQ will be retained on its balance sheet in accordance with MiCA regulations. Tether, Kraken and Fabric Ventures participated in this round of undisclosed amount of financing. Tether CEO Paolo Ardoino said: "Supporting Quantoz reflects Tether's commitment to promoting innovative and compliant digital asset solutions." (The Block)