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Quantoz Payments Issues Euro and US Dollar Stablecoins; Receives Backing from Major Crypto-Asset Firms
EURQ and USDQ are respectively euro and US dollar-referenced E-Money Tokens (EMTs), issued on the Ethereum blockchain by Quantoz, an Electronic Money Institution (EMI) authorised and supervised by De Nederlandsche Bank (DNB), the Dutch Central Bank.
The new EMTs will facilitate euro and US dollar transfers and payments in secondary markets as well as transfers across digital asset and crypto exchanges. Fiat-referencing stablecoins on blockchains can enable digital and decentralised payments that are faster, more transparent, secure and cheaper when compared to existing payment infrastructure.
Bitfinex and Kraken, two of the world's longest standing and most secure crypto-asset exchanges, plan to be the first to list EURQ and USDQ for trading to eligible clients on Thursday 21st November.
Arnoud Star Busmann , CEO of Quantoz Payments, said:
A group of investors including Fabric Ventures, Kraken and Tether are underlining their support for Quantoz by investing in the company.
Anil Hansjee, General Partner at Fabric Ventures, said:
Mark Greenberg , VP of Product & GM of Consumer at Kraken, said:
Paolo Ardoino , CEO of Tether said:
Arnoud Star Busmann , CEO at Quantoz Payments, added:
The amount of EURQ and USDQ in circulation is fully backed 1-to-1 by fiat reserves and highly liquid financial instruments such as government bonds. These reserves are managed by an independent foundation, subject to strict DNB oversight and are placed in segregated accounts with Tier 1 banks. In addition to the requirement of maintaining 100% reserves to fully back all circulating assets, Quantoz is also required to hold an additional 2% on its own balance sheet as part of its obligations under MiCAR.
Founded in 2015, Quantoz N.V. is a financial technology company. Its subsidiary, Quantoz Payments, was founded in 2021 and issues USDQ, a US dollar backed E-Money Token (EMT) and two euro -backed EMTs, EURQ and EURD, within the European Economic Area. These EMTs facilitate fast, cheap, transparent and secure blockchain technology based payments.
Incorporated in the Netherlands , the Company holds an Electronic Money Institution (EMI) license from the Dutch supervisory authority, the Dutch Central Bank. The funds received in exchange for the e-money tokens are held by Stichting Quantoz, a bankruptcy remote entity, which ensures that these funds are safeguarded following the requirements of MiCAR. The e-money tokens in circulation are fully backed 1-to-1 with fiat and highly liquid financial instruments. In addition, the Company is required to hold at least an additional 2% of reserves on its balance sheet. Quantoz Payments and Stichting Quantoz are subject to prudential supervision by DNB.
W: https://quantozpay.com/
L: https://www.linkedin.com/company/quantoz/
X: https://x.com/Quantoz
View original content: https://www.prnewswire.co.uk/news-releases/quantoz-payments-issues-euro-and-us-dollar-stablecoins-receives-backing-from-major-crypto-asset-firms-302307632.html