Quantoz Floats MiCA-Compliant Euro and USD Stablecoins

With the growing push for stablecoin dominance in the EU, Quantoz has launched two MiCA-compliant stablecoins

Quantoz, a fintech company based in the Netherlands, has launched two stablecoins, EURO (EURQ) and USDQ, pegged to the U.S. Dollar. This launch comes as the European stablecoin market is getting ready for new rules under the Markets in Crypto-Assets (MiCA) framework, starting entirely by the end of the year.

Quantoz Stablecoin To Align With MiCA’s Vision 

According to the release, Quantoz’s EURQ and USDQ are stablecoins issued on the Ethereum blockchain. 

The stablecoins follow strict rules and are fully backed by real money and quickly tradable financial products. This ensures their stability and transparency. EURQ and USDQ are expected to connect traditional finance with blockchain systems.

Quantoz Payments Issues Euro and US Dollar Stablecoins and receives an investment from Fabric Ventures, Kraken and Tether. Read the full press release with statements from @ahansjee (@fabric_vc), @marklg (@krakenfx), @paoloardoino (@Tether_to), and our @QuantozPay CEO… pic.twitter.com/Ur5AUjm5kp

— Quantoz (@Quantoz) November 18, 2024

Starting Thursday, users can trade tokens on Bitfinex and Kraken, two well-known cryptocurrency exchanges. Only eligible users can participate in trading. This step shows the company’s commitment to following financial rules while providing safe and reliable digital payment options.

Additionally, Quantoz received an Electronic Money Institution (EMI) license from the Dutch Central Bank. 

This license allows the company to issue electronic money and offer payment services in the European Economic Area (EEA). The EMI license shows that Quantoz meets strict regulatory standards and strengthens its reputation as a reliable player in the European fintech and blockchain industries.

Meanwhile, the firm received investments from crypto exchange Kraken, venture capital firm Fabric Ventures, and stablecoin issuer Tether. However, the exact amount raised has yet to be disclosed. 

This launch is important because the MiCA framework introduces new rules for stablecoin issuers in the EU. These rules aim to better protect consumers, encourage innovation, and create a fair environment for everyone involved in the cryptocurrency market.

Kraken Expands Its European Presence

In addition to Quantoz, US-based crypto exchange Kraken acquired Coin Meester B.V. (BCM), a registered crypto broker in the Netherlands. 

This acquisition aligns with the MiCA regulation, which became partially applicable for crypto asset service providers on June 30. The new legal framework will support market integrity and financial stability by regulating public offers of crypto assets.

It also ensures consumers are better informed about their risks when trading or investing in digital assets. Implementation is ongoing, and full compliance with the new regulatory framework will be required by December 2024.

Across the European market, global financial service provider Mercuryo recently partnered with Mastercard to roll out Spend, a euro-dominated crypto debit card. Likewise, the luxury sports car Ferrari is contemplating adopting a Bitcoin (BTC) payment option on its platform for its European customers.

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