Kraken-backed stablecoin issuer Quantoz to launch two MiCAR compliant tokens

Dutch fintech firm Quantoz will launch MiCAR-compliant stablecoins pegged to the euro and US dollar to facilitate cross-market payments and transfers.

Quantoz Payments, a payment technology firm based in the Netherlands, plans to launch two MiCAR-compliant stablecoins (EURQ and USDQ) as Cryptocurrency Markets regulations approach. In a Nov. 18 press release, Quantoz said the tokens pegged to the euro and the US dollar will run on the Ethereum blockchain, backed by fiat reserves and overseen by De Nederlandsche Bank.

The stablecoin issuer said transfers in both tokens will be “cheaper compared to existing payment infrastructure” and on November 21, crypto exchanges Bitfinex and Kraken will become the first exchanges to list EURQ and USDQ for trading to eligible customers.

Commenting on the launch, Quantoz CEO Arnoud Star Busmann said the MiCA regulation “brings a new level of trust to digital asset markets, at least through prudential requirements for stablecoin issuers.”

“As the payments world becomes more digital, having well-regulated, transparent and fully supported stablecoins is critical to enabling faster, cheaper and more secure payments in the world’s largest single market.”

Arnoud Yildiz Busmann

At the same time, a group of investors including Fabric Ventures, Kraken and stablecoin giant Tether also invested in Quantoz, but the size of the fund was not disclosed.

Quantoz claims that the EURQ and USDQ in circulation are “fully backed” one-to-one by fiat reserves and “highly liquid financial instruments such as government bonds.” According to the press release, the reserves are managed by an “independent entity” subject to DNB oversight and are placed in separate accounts with banks.

In addition, Quantoz is required to keep an additional 2% reserve on its balance sheet in accordance with MiCAR rules.