With MiCA, Europe displays 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 hitting the European market with the support of heavyweights like Tether and Kraken. But what do they really bring?
New stablecoins backed by Tether and Kraken
Is this indeed 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 respectively by the euro and the dollar, are entirely covered by fiat currency reserves and registered as e-money tokens with the Central Bank of the Netherlands.
Supported by major players such as Kraken, Tether and Fabric Ventures, these stablecoins promise:
- Of the fast transactions and transparent;
- A blanket 1:1 by fiat, reinforced by an additional reserve of 2%;
- One adoption at a time for 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 from November 21paving the way for regulated and accessible use throughout the region.
MiCA and crypto companies: between opportunities and limits
If MiCA lays solid foundations, it does not not unanimity among players in the crypto ecosystem. Paolo Ardoino, CEO of Tether, 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 the systemic risksespecially if these banks lend up to 90% of their assets.
Meanwhile, Norway, although 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 that additional adjustments may be necessary to preserve financial stability.
It is essential to decipher MiCA lucidly, to disentangle fact from fiction: although ambitious, this framework does not apply to foreign stablecoins, and its limits, particularly on bank reserves, deserve our full attention.
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