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Reading: New Stablecoins Aim to Dominate Europe’s Crypto Market Under MiCA
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Deythere > News > Crypto > New Stablecoins Aim to Dominate Europe’s Crypto Market Under MiCA
CryptoNews

New Stablecoins Aim to Dominate Europe’s Crypto Market Under MiCA

França considera bloquear empresas de criptomoedas devido aos padrões desiguais da MiCA
Maxwell Mutuma
Last updated: November 19, 2024 10:26 am
By
Maxwell Mutuma
Published November 19, 2024
4 Min Read
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Ahead of Europe’s MiCA regulations, a Dutch fintech firm, Quantoz Payments, has launched two new stablecoins, USDQ and EURQ. The tokens to the US dollar and euro seek to usurp the power enjoyed by euro-backed stablecoins. Quantoz’s launch positions it at the doorstep of the European stablecoin market as MiCA goes into effect on December 30, 2024.

Contents
  • New Stablecoins Built for MiCA Compliance
  • Quantoz Stablecoins USDQ and EURQ Begin Trading
  • Circle and Société Générale Face New Competition

New Stablecoins Built for MiCA Compliance

Designed by Quantoz Payments, USDQ and EURQ were designed to meet the exacting requirements of the upcoming Markets in Crypto-Assets (MiCA) framework. Backed by fiat currencies, these stablecoins are on the Ethereum blockchain, so you know everything about them won’t be a secret. Quantoz is an electronic money institution governed by the Dutch Central Bank and works according to its regulations.

 

Using the MiCA regulations, the European Union will have one framework to issue, trade, and protect crypto assets within the EU. This represents breaking up fragmented national regulations and prioritizing investor protection and market stability. MiCA compliance, on the other hand, makes sure Quantoz stablecoins are up to the mark for Europe’s evolving crypto ecosystem.

DALL·E 2024 11 19 10.40.24 A dynamic landscape image depicting the launch of Quantoz stablecoins USDQ and EURQ beginning trading. The foreground shows two glowing coins one l

That means any stablecoin cannot be counted as covered by MiCA at the end of this year. Quantoz’s strategic move puts it in the best position to compete within the growing market. The company is, for all intents and purposes, trying to offer a compliant option to Circle and Société Générale.

Quantoz Stablecoins USDQ and EURQ Begin Trading

From November 21, 2024, USDQ and EURQ will start trading on major platforms such as Bitfinex and Kraken. This rollout is designed to improve the overall liquidity and accessibility of these stablecoins in Europe’s crypto market. Quantoz will maintain 2% of the tokens on its balance sheet to ensure stability for users and investors.

 

Quantoz’s stablecoin launch signals the bridging of traditional finance and blockchain-based innovations. This collaboration with recognized players, Kraken and Tether, thus boosts this project’s trust and market reach. It also supports the company’s competitive strategy with existing euro stablecoin leaders in a regulated environment.

 

The company can trust the confidence of institutional and retail investors regarding regulatory compliance. In this proactive manner, USDQ and EURQ are positioned as robust tools to utilize in the digital and traditional financial arena. Quantoz uses blockchain technology to unlock more use cases for stablecoins in the European market.

Circle and Société Générale Face New Competition

Standardizing rules for the entire EU membership is what the MiCA regulations promise to do to Europe’s crypto market. The expected reduction of market manipulation risks and enhanced safeguards for investors can be due to this change. Early compliance shows that Quantoz will thrive in this new regulatory environment.

 

In the euro stablecoin sector, Circle and Société Générale have 67% of the market share, with both services offering stablecoin deposits and bonds similar to current deposit and bond products. To diversify the options businesses and individuals have for their stablecoins, Quantoz developed new stablecoins. Quantoz’s purpose was to challenge this dominance, which aims to drive competition and innovation in the European stablecoin market.

DALL·E 2024 11 19 10.46.41 A visually engaging landscape image showcasing competition between Circle and Societe Generale in the financial technology space. The composition feat

This also shows the support of USDQ and EURQ by Tether, Kraken, and Fabric Ventures. That backing speaks to the increasing demand for stable solutions within the digital asset universe. Therefore, Quantoz is in a good position to shape the future of crypto payments in the eurozone.

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ByMaxwell Mutuma
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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