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18 Nov, 2024

Tether-Backed Quantoz Launches Mica-Compliant Stablecoins USDQ, EURQ

Quick Take① Quantoz Payments, a blockchain firm based in the Netherlands, has launched two new MiCA-compliant stablecoins pegged to the Euro and the U.S. dollar.② The stablecoins will be listed on Bitfinex and Kraken on Thursday, Nov. 21.③ Tether, alongside Kraken and Fabric Ventures, will invest an undisclosed sum in the company.Tether-Backed Quantoz Launches Mica-Compliant Stablecoins USDQ, EURQShortly before the European Union's Markets in Crypto-Assets regulation, known as MiCA, takes full effect in December, a Netherlands-based firm has launched two MiCA-compliant stablecoins. Quantoz Payments is issuing two new tokens, USDQ and EURQ, stablecoins pegged to the dollar and the euro, respectively, on the Ethereum blockchain. Quantoz is regulated and licensed by the Dutch Central Bank as an Electronic Money Institution, and the stablecoins are fully backed by fiat and "highly liquid financial instruments," according to the firm. The launch comes at a crucial time for European crypto investors, with MiCA regulations restricting certain stablecoins set to go into effect in December. While Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market, other competitors such as EURQ are likely looking to claim their own share of the market. EURC's stablecoin supply also recently hit an all-time high. Tether, the world's largest stablecoin issuer, has yet to receive a license for its stablecoin USDT under MiCA. Coinbase has also not commented on whether or not it will delist the token in Europe, as it plans to do with other non-compliant stablecoins by the end of the year. The lack of clarity around USDT might provide one reason why Tether invested an undisclosed sum, alongside Kraken and web3 venture capital firm Fabric Ventures, in Quantoz Payments. "Our support for Quantoz highlights Tether’s commitment to fostering innovative and regulated solutions within the digital asset landscape," Tether CEO Paolo Ardoino said. USDQ and EURQ will be available for trading on Bitfinex and Kraken on Thursday, Nov. 21, according to Quantoz. Quantoz will hold 2% of the token on its balance sheet in accordance with MiCA regulations. "The support through this investment round from some of the best businesses in digital assets will enable us to provide a timely solution for digital asset markets as well as unlock the benefits of blockchain-based money for more traditional use cases," Quantoz CEO Arnoud Star Busmann said.

15 Nov, 2024

XRP Soars 20% as SEC Chair Gensler's Exit Fuels Crypto Rally

XRP, the native cryptocurrency of Ripple, has experienced a remarkable price surge, reaching a six-month high of $0.83. This uptick comes amid growing optimism within the cryptocurrency market, driven by favorable regulatory developments and speculations about changes at the U.S. Securities and Exchange Commission (SEC). Notably, rumors about the potential resignation of SEC Chairman Gary Gensler have ignited investor hopes that a new leadership could offer a more favorable regulatory environment for digital assets, especially Ripple and XRP.XRP's Price Surge and Market MovementsOver the past 24 hours, XRP’s price has increased by 20%, with its 24-hour trading volume rising by 72% to reach $11.13 billion. This surge follows Ripple’s ongoing legal victory against the SEC, which has instilled confidence in the cryptocurrency’s future. XRP’s price jump, now averaging around $0.81, marks a 50% increase over the past week, a level last seen in June 2023. While other major cryptocurrencies, such as Bitcoin (BTC) and Dogecoin (DOGE), have faced losses, XRP’s rally stands out, highlighting the growing investor interest in Ripple’s success.Ripple’s Legal Victory and Growing ConfidenceRipple has recently won a significant court ruling in its legal battle against the SEC, which has improved market sentiment. Ripple’s CEO, Brad Garlinghouse, has expressed optimism about the company’s future as it continues to battle regulatory challenges. In particular, a ruling in favor of Ripple in a major lawsuit signals that the company can better navigate the evolving regulatory landscape, potentially benefiting XRP’s long-term price outlook. Additionally, large-scale XRP transactions, including the movement of 105 million XRP from Binance to an undisclosed wallet, are seen as a sign of investor confidence, further supporting XRP’s price surge.Gensler’s Potential Exit and the Future of Crypto RegulationOne of the key factors behind the recent surge in XRP’s price is speculation regarding the imminent departure of SEC Chairman Gary Gensler. In a recent speech, Gensler hinted at stepping down, fueling hopes that a new SEC leadership under President-elect Donald Trump could result in more favorable regulations for cryptocurrencies. Trump’s pro-crypto stance has led to speculations that his administration would foster a crypto-friendly environment, benefiting U.S.-based projects like Ripple. Gensler’s tenure, known for stringent enforcement against crypto projects, has led many to believe that a change in leadership could bring relief to the industry.XRP’s Growth PotentialAs Ripple continues to secure legal victories and the regulatory environment for crypto shows signs of improvement, analysts predict that XRP could see even further price increases. With Ripple gaining momentum in its ongoing battles, XRP’s market capitalization has reached $47.45 billion, and analysts suggest that it could soon break its current price formation, potentially reaching $1.50. The potential for higher demand, coupled with decreased liquidity due to large transactions, may continue to drive XRP’s price upward.