Tether announced on November 19, 2024, plans to invest in Quantoz, a Dutch fintech, to launch two new stablecoins: EURQ and USDQ. This initiative aims to enhance regulated digital payment solutions across the European Economic Area (EEA).
Quantoz, licensed by the Dutch Central Bank, will issue these stablecoins using Tether's Hadron tokenization platform, designed to comply with the EU's Markets in Crypto-Assets Regulation (MiCA). The stablecoins will be backed by fiat reserves and classified as e-money tokens.
Leading exchanges Kraken and Bitfinex are set to list EURQ and USDQ on November 21. Tether's CEO, Paolo Ardoino, emphasized the importance of reliable and compliant financial tools in building trust within the digital ecosystem.
This investment comes amid Tether's regulatory challenges in Europe, particularly concerning USDT's compliance with MiCA. Tether aims to compete in a market where Circle's EURC and Sociéte Générale's EURCV dominate, holding over 60% of the euro-backed stablecoin sector.