Dutch fintech firm Quantoz Payments is set to debut two stablecoins, EURQ and USDQ, with support from Tether, Kraken, and Fabric Ventures. These euro- and U.S. dollar-backed tokens are fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and are licensed as e-money tokens (EMTs) by the Dutch Central Bank (DNB). The official launch is scheduled for November 18.
New Stablecoins Target Secure and Regulated Payments in the EU
Designed for both corporate and consumer use, EURQ and USDQ promise faster, cheaper, and transparent transactions within the European Economic Area (EEA). Backed 1:1 by fiat reserves, the tokens also adhere to MiCA’s requirement for an additional 2% reserve, enhancing transparency and reducing payment risks.
Leading cryptocurrency exchanges Kraken and Bitfinex will list EURQ and USDQ on November 21. The move will make the stablecoins accessible to eligible clients across Europe, paving the way for their adoption in regulated digital finance.
MiCA’s Impact on Stablecoin Issuance
The introduction of EURQ and USDQ highlights the EU’s progressive stance under MiCA, which aims to foster trust in the cryptocurrency ecosystem. Fabric Ventures’ general partner Anil Hansjee commended the regulation, stating that it enables seamless stablecoin issuance across Europe.
However, MiCA’s stringent requirements have drawn mixed reactions. Paolo Ardoino, CEO of Tether, voiced concerns about potential “systemic risks” stemming from the regulation. MiCA mandates stablecoin issuers to hold 60% of their reserves in European banks, raising questions about vulnerabilities linked to fractional banking practices. Ardoino warned that banks’ ability to loan up to 90% of their reserves could amplify financial instability in the sector.
Norway Considers MiCA’s Role in CBDC Development
Norway, a member of the EEA, has endorsed MiCA’s framework while evaluating its potential for central bank digital currency (CBDC) initiatives. Speaking to Cointelegraph, Kjetil Watne, project director at Norges Bank, acknowledged the regulation’s benefits but emphasised the need for “additional safeguards” to ensure financial stability.
The Norwegian central bank is exploring a CBDC-based cross-border payment system, though no final decision has been made. MiCA’s implementation could play a pivotal role in shaping this direction, underscoring its influence on digital finance beyond the EU.
