Orhan 
Kraken, Tether, and Fabric Ventures have partnered with Quantoz Payments to launch new stablecoins compliant with the European Union’s **Markets in Crypto-Assets (MiCA)** regulation. Netherlands-based fintech company Quantoz Payments, with the support of Tether, Kraken, and Fabric Ventures, is preparing to introduce the EURQ and USDQ stablecoins in compliance with EU regulations. Scheduled for release on November 18, these euro- and US dollar-backed stablecoins have been licensed as Electronic Money Tokens (EMT) by the Dutch Central Bank (DNB) and aim to provide a secure and regulated digital payment option across the European Economic Area (EEA).
New Stablecoins to Be Listed on Kraken and Bitfinex
EURQ and USDQ will be listed on Kraken and Bitfinex exchanges on November 21, making them accessible to eligible users in Europe. These stablecoins aim to offer cheaper, faster, and more transparent transactions for both institutional and individual users.
Secure and Transparent Digital Payments with MiCA Compliance
The tokens, compliant with MiCA regulations, are backed 1:1 by fiat currencies and further secured by an additional 2% reserve maintained by Quantoz. This regulatory framework ensures user confidence while minimizing risks associated with crypto payments. Anil Hansjee, General Partner at Fabric Ventures, highlighted that MiCA simplifies the stablecoin issuance process in Europe.
However, Tether CEO Paolo Ardoino has expressed concerns about systemic risks posed by certain MiCA requirements. He noted that the obligation for stablecoin issuers to hold 60% of their reserves in European banks could potentially threaten financial stability. This is particularly concerning given that banks can lend up to 90% of their reserves, introducing potential vulnerabilities.
Norway’s Support for MiCA
Norway, a supporter of MiCA and part of the EEA, has welcomed the regulation while evaluating additional measures needed for its own central bank digital currency (CBDC). Kjetil Watne, Project Director at Norges Bank, stated that while Norway appreciates MiCA, further regulations may be necessary to ensure financial stability.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.