Bank

USDQ

Fabric

Dutch fintech firm Quantoz Payments has <a href="https://cointelegraph.com/news/quantoz-eurq-usdq-micar-stablecoins-launch" rel="noopener noreferrer nofollow">unveiled</a> two new stablecoins, EURQ and USDQ, backed by major players Tether, Kraken, and Fabric Ventures. These stablecoins, pegged to the euro and the U.S. dollar, are fully <a href="https://thecoinrise.com/uphold-to-delist-six-stablecoins-in-compliance-with-eus-mica-regulations/" rel="noopener noreferrer nofollow">compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA)</a>.
Licensed as e-money tokens by the Dutch Central Bank (DNB), EURQ and USDQ also aim to provide secure and efficient digital payment options across the European Economic Area (EEA). The tokens, set to debut on November 18, adhere to MiCA’s stringent requirements, including 1:1 fiat backing and an additional 2% reserve maintained by Quantoz.
Starting November 21, major cryptocurrency exchanges Kraken and Bitfinex will list these stablecoins, enabling access for European clients. With a focus on fast, transparent, and cost-effective transactions, EURQ and USDQ are poised to serve both corporate and individual users.
<h2 id="span-style-font-weight-400-mica-compliance-and-market-confidence-span">MiCA Compliance and Market Confidence</h2>
The launch of EURQ and USDQ is a milestone for the EU’s regulated digital asset ecosystem, fostering trust through MiCA’s robust framework. By requiring transparency and risk mitigation, MiCA ensures these stablecoins meet rigorous standards.
Fabric Ventures’ General Partner, Anil Hansjee, lauded the framework, noting that MiCA has streamlined stablecoin issuance across Europe. Meanwhile, Tether CEO Paolo Ardoino voiced concerns about potential systemic risks tied to MiCA’s mandate for issuers to hold at least 60% of reserves in European banks. He highlighted that such requirements might create vulnerabilities if banks, which traditionally loan up to 90% of their reserves, encounter financial instability.
<h2 id="span-style-font-weight-400-norway-s-endorsement-span">Norway’s Endorsement</h2>
MiCA’s influence extends beyond the EU, garnering support from Norway’s central bank, Norges Bank. On November 9, Norges Bank endorsed MiCA while assessing its compatibility with a potential central bank digital currency (CBDC).
Kjetil Watne, a project director at Norges Bank, noted that <a href="https://thecoinrise.com/mica-scales-another-hurdle-as-parliament-votes-in-support/" rel="noopener noreferrer nofollow">MiCA could serve as a foundational framework</a> for financial stability but hinted that supplementary regulations might be necessary. Norway, as a member of the EEA, remains aligned with EU financial policies and is exploring a CBDC-based cross-border payment system.
The introduction of EURQ and USDQ signals a pivotal moment in Europe’s digital finance journey, setting a precedent for regulatory compliance and market innovation in the global stablecoin landscape.
The post <a href="https://thecoinrise.com/tether-and-kraken-back-mica-compliant-stablecoins-eurq-and-usdq/" rel="noopener noreferrer nofollow">Tether and Kraken Back MiCA Compliant Stablecoins EURQ and USDQ</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Tether and Kraken Back MiCA Compliant Stablecoins EURQ and USDQ

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