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Tether, Kraken, Fabric Ventures back new MiCA-compliant stablecoins

Published

3 months ago

November 18, 2024

Blockchain technology company Quantoz has launched two new stablecoins, EURQ and USDQ, aimed at providing stable digital currency alternatives for the European and U.S. markets. The launch comes as part of the company’s efforts to align with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), which is designed to create a comprehensive regulatory framework for cryptocurrencies and stablecoins in the region. Both stablecoins are fully backed by fiat reserves, offering a stable and secure digital asset for users in Europe and the U.S.

EURQ is pegged to the euro, while USDQ is pegged to the U.S. dollar, allowing users to transact with digital assets that maintain a consistent value relative to traditional fiat currencies. The move to launch these stablecoins under the MiCAR framework is a significant step in the growing trend of regulatory-compliant digital assets. Quantoz aims to provide a trustworthy and secure option for businesses and consumers looking to engage in digital transactions without the volatility often associated with cryptocurrencies like Bitcoin or Ethereum.

Under MiCAR, stablecoin issuers must adhere to strict transparency, security, and reserve requirements, which Quantoz has committed to fulfilling. The new regulations, which are expected to come into full effect in the European Union over the next few years, seek to ensure that stablecoins are adequately backed by assets and do not pose systemic risks to the broader financial system. By launching EURQ and USDQ in compliance with MiCAR, Quantoz positions itself as a leader in providing regulated and secure stablecoin solutions to the European market.

The launch of EURQ and USDQ comes at a time when stablecoins are gaining increasing attention from both regulators and investors as a means to bridge the gap between traditional finance and the crypto space. With these new offerings, Quantoz seeks to tap into the growing demand for stable digital currencies, while also ensuring that they meet regulatory standards. As the crypto industry continues to mature, the introduction of MiCAR-compliant stablecoins could play a pivotal role in driving further adoption of blockchain technology in mainstream finance.

Related Topics:Crypto Currency crypto news

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

3 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

3 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

3 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.