Shortly before the European Union regulation on crypto asset markets, known as MiCA, comes into force in December, the Dutch firm launched two MiCA-compliant stablecoins.
Quantoz Payments is releasing two new tokens, USDQ and EURQ, stablecoins pegged to the dollar and euro, respectively, on the Ethereum blockchain. Quantoz is regulated and licensed by the Central Bank of the Netherlands as an electronic money institution, and stablecoins are fully backed by fiat and "highly liquid financial instruments," according to the firm.
The launch comes at a crucial moment for European crypto investors, as MiCA rules restricting certain stablecoins are due to come into force in December. While EURC Circle and EURCV Société Générale now hold a record 67% of the Eurostablecoin market share, other competitors such as EURQ are likely seeking to claim their market share. The supply of EURC stablecoins has also recently reached a historic high.
Tether, the world's largest issuer of stablecoins, has not yet received a license for its USDT stablecoin under MiCA. Coinbase has also not commented on whether it will exclude the token from listing in Europe, as it plans to do with other non-compliant stablecoins by the end of the year.
The lack of clarity around USDT may be one of the reasons why Tether invested an undisclosed amount together with Kraken and venture capital firm web3 Fabric Ventures in Quantoz Payments.
"Our support for Quantoz underscores Tether's commitment to advancing innovative and regulated digital asset solutions," said Tether CEO Paolo Ardoino.
USDQ and EURQ will be available for trading on Bitfinex and Kraken on Thursday, November 21, according to Quantoz. Quantoz will keep 2% of the tokens on its balance sheet in accordance with MiCA rules.
"The support from some of the best digital asset companies in this investment round will allow us to provide a timely solution for the digital asset markets, as well as uncover the benefits of blockchain—based money for more traditional use cases," said Arnaud Star Busmann, CEO of Quantoz.