As the European Union (EU) will fully implement the Crypto Asset Markets (MiCA) regulation in December, the Dutch blockchain company Quantoz Payments has launched two MiCA-compliant stablecoins, USDQ and EURQ, pegged to the US dollar and the Euro, respectively. These stablecoins will be listed on Bitfinex and Kraken exchanges on 11/21.
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ToggleEmerging stablecoin forces, targeting market demand under MiCA
The USDQ and EURQ stablecoins launched by Quantoz are issued on the Ethereum blockchain and are promised to be 100% backed by fiat currency and highly liquid financial instruments such as government bonds. Quantoz also holds a digital currency institution license issued by the Dutch central bank, and its operations are under strict regulation. Quantoz stated that the company will comply with the MiCA regulations, including incorporating 2% of the stablecoin reserves into its balance sheet, demonstrating the transparency and compliance of its operations. USDQ and EURQ stablecoins will be listed on Bitfinex and Kraken exchanges on 11/21.
With the implementation of MiCA at the end of the year, which will restrict unlicensed stablecoins from entering the European market, the demand for compliant stablecoins will increase significantly. Currently, Circle's EURC and Société Générale's EURCV account for 67% of the euro stablecoin market, and EURC's supply has recently reached a new high. It remains to be seen whether Quantoz's EURQ can grab a share of this rapidly growing market.
(Note: Société Générale is a French bank, one of the "Big Three" French banks along with BNP Paribas and Crédit Agricole.)
Tether and industry giants increase investment, promoting compliant development
Stablecoin issuer Tether, US exchange Kraken, and Web3 venture capital firm Fabric Ventures have also participated in Quantoz's investment plan, although the investment amount has not been disclosed. This reflects the crypto industry's emphasis on compliant stablecoins.
Tether CEO Paolo Ardoino stated that Tether remains committed to promoting innovation and compliant solutions in the digital asset space. However, Tether's USDT has not yet been granted MiCA approval, and this investment may be one of Tether's quiet moves to position itself in the compliant European market.
MiCA fully implemented by the end of the year, compliant regulation driving stablecoin development
With the full implementation of the EU's MiCA at the end of the year, the stablecoin market is entering a new era of compliance, attracting the attention of both traditional finance and crypto players. It is believed that more and more stablecoins will be launched under the compliant regulation of MiCA. The United States, which aspires to be a leader in the crypto industry, is still struggling with regulatory issues, and it is hoped that the new Trump administration will bring a new atmosphere.
