Netherlands-Based Quantoz Launches Stablecoins EURQ, USDQ Amid Regulatory Push

Netherlands-based Quantoz Funds has launched two Ethereum-based stablecoins, EURQ and USDQ, because it seeks to carve a distinct segment within the aggressive stablecoin market by aligning with evolving European regulatory requirements.

The brand new stablecoins can be listed on main cryptocurrency exchanges Bitfinex and Kraken, each of that are buyers in Quantoz alongside enterprise capital agency Material Ventures. 

By leveraging partnerships with business gamers and emphasizing regulatory alignment, Quantoz is making an attempt to focus on alternatives in company funds, shopper ecosystems, and cross-border monetary infrastructure.

Stablecoin issuer Tether has additionally backed the corporate and has offered entry to its Hadron asset tokenization infrastructure, Quantoz mentioned in a statement on Monday.

Quantoz’s launch comes on the heels of its October 2023 rollout of EURD, a regulated and programmable digital euro issued on the Algorand blockchain. 

EURD targets company treasury administration and shopper cost ecosystems, emphasizing programmable and institutional monetary operations. 

In distinction, EURQ is designed for broader market adoption, catering to crypto exchanges, cross-border funds, and secondary market functions to allow sooner, cheaper transactions, it mentioned.

The corporate additionally mentioned EURQ and USDQ are totally backed one-to-one by fiat reserves and “extremely liquid monetary devices” corresponding to authorities bonds. 

These property are to be managed by an unbiased basis beneath the supervision of the Dutch central financial institution, De Nederlandsche Financial institution, and segregated into tier-1 banks.

CEO Arnoud Star Busmann emphasised the agency’s dedication to regulatory compliance, highlighting that Quantoz invested years in changing into an digital cash establishment. 

“We obtained our license from the Dutch Central Financial institution a yr in the past,” he instructed Decrypt, noting that this licensing course of started earlier than the European Union’s Markets in Crypto-Belongings (MiCA) framework got here into drive.

MiCA, which units stringent necessities for stablecoin issuers, mandates full fiat reserve backing, prudential safeguards, and a portion of reserves held on steadiness sheets to mitigate systemic dangers. 

These laws have prompted compliance challenges for issuers, together with a Coinbase stablecoin delisting final month. Aware of that time, Quantoz mentioned it goals to navigate the EU’s tightening regulatory panorama.

Edited by Sebastian Sinclair