Just a few weeks before the full implementation of the MiCA regulation, a Dutch company financed by Tether and Kraken will launch 2 stablecoins on European soil: one backed by the rate of the US dollar and the other by that of the euro .
2 new stablecoins in Europe, compliant with MiCA regulations
Quantoz Payments, a company based in the Netherlands, has just announced the upcoming launch of 2 new stablecoins called USDQ and EURQ. As their respective names suggest, one will be pegged to the US dollar, while the other will be pegged to the euro.
On November 21, USDQ and EURQ will be available for trading on Kraken and Bitfinex. These 2 new cryptocurrencies are based on the Ethereum blockchain and they scrupulously respect the criteria of the MiCA regulation.
💡 What is a stablecoin?
As Arnoud Star Busmann, CEO of Quantoz Payments, explains, the MiCA regulation “ brought a new level of trust in digital asset marketsin particular thanks to its prudential requirements imposed on stablecoin issuers.”
In October, more than 2 thirds of stablecoins follow the price of the euro complied with these new rules. For companies issuing the remaining stablecoins and those wishing to offer them on European soil, they will all have to comply with MiCA regulations by the end of the year.
Currently, within the European Union, it is Circle with the EURC, as well as Société Générale with the EURCV, who dominate the stablecoin market with a cumulative market share of nearly 67%. With the arrival of the EURQ, the situation could well change, since investors will be able to fall back on this alternative compliant with MiCA regulations.
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A full-scale test before the launch of Tether's USDT on European soil?
It is important to emphasize that Quantoz Payments is a company which is notably supported by Kraken and Tether. The latter decided to invest in the Dutch company with the support of the venture capital fund Fabric Ventures.
“ Support from some of the best companies in the crypto industry allows us to offer a solution adapted to the markets and make the benefits of blockchain-based money accessible to more traditional uses, » assures the manager of Quantoz Payments.
In a sense, the investment made by Tether is strategic: it can constitute a way for the company to evaluate the European cryptocurrency market at the dawn of the full entry into force of the MiCA regulation scheduled for December 31.
👉 Also read – MiCA Regulation: what future for stablecoins in the European Union?
In fact, for the moment, Tether has not yet obtained a license to issue its USDT stablecoin within the European Union. Its future in Europe is more uncertain since exchanges like Coinbase have planned, for their European users, to remove non-compliant stablecoins from their platform by the end of the year.
“ Our support for Quantoz underlines Tether's commitment to fostering innovative and regulated solutions in the digital asset landscape, » explained Paolo Ardoino, CEO of Tether.
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Source: Press release
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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