Two new stablecoins shake up crypto market !
With MiCA, Europe is displaying a clear ambition: to establish strict and clear rules for stablecoins, before looking at other crypto-assets. This unprecedented regulatory framework aims to reassure users and investors while aligning the practices of issuers.
Today, two stablecoins , EURQ and USDQ, are arriving on the European market with the support of heavyweights like Tether and Kraken. But what do they really bring?
Is this really the end of cash in Europe ? November 18 marks a key milestone for digital payments on the Old Continent with the launch of two MiCA-compliant stablecoins : EURQ and USDQ . These tokens, backed by the euro and the dollar respectively, are fully covered by fiat currency reserves and registered as e-money tokens with the Central Bank of the Netherlands.
Backed by major players such as Kraken, Tether and Fabric Ventures, these stablecoins promise:
Fast and transparent transactions ;
1:1 coverage by fiat, reinforced by an additional 2% reserve;
Adoption for both businesses and individuals in Europe.
Anil Hansjee, General Partner at Fabric Ventures, sums up this enthusiasm well:
“Europeans applaud MiCA for the simplicity it brings to stablecoin issuers.”
The tokens will be listed on Kraken and Bitfinex starting November 21 , paving the way for regulated and accessible use across the region.
While MiCA lays solid foundations, it is not unanimous among players in the crypto ecosystem . Tether CEO Paolo Ardoino has sounded the alarm on a regulatory requirement: issuers will have to keep at least 60% of their reserves in European banks .
He fears that this will amplify systemic risks , especially if these banks lend up to 90% of their assets.
Meanwhile, Norway, while aligned with MiCA as an EEA member, is still considering its next steps for CBDCs (central bank digital currencies). Kjetil Watne, project director at Norges Bank, said further adjustments may be needed to preserve financial stability.
It is essential to decipher MiCA with lucidity, to disentangle the true from the false : although ambitious, this framework does not apply to foreign stablecoins, and its limits, particularly on bank reserves, deserve our full attention.