Specifically, Quantoz Payments has officially registered EURD as a community trademark with the European Union Intellectual Property Office (EUIPO) and introduced 500,000 EURD on the Algorand blockchain, operating under its Dutch e-money license. This move positions EURD as the largest Euro-backed token on Algorand, as reported by DeFillama and quantozpay.com.
In the official press release, representatives from Quantoz emphasised the significance of the trademark registration, offering protection for EURD across all EU member states. Anticipating a rapid increase in EURD circulation, officials also highlighted the company's plans to extend its Electronic Money Institution (EMI) licence to other European Economic Area (EEA) countries, facilitating the use of its services in those regions.
Quantoz Payments allows users to verify the circulating supply of EURD in real time through AlgoExplorer. Company officials reassured users about privacy, asserting that Quantoz prioritises user control over shared information.
Functioning as an electronic money institution with an official payment instrument, Quantoz Payments ensures that EURD holders can confidently redeem their tokens. Notably, EURD tokens are 100% backed by funds held in a third-party account managed by the Quantoz Foundation, subject to audits by accredited accounting firms. This stands in contrast to stablecoins, where companies must navigate the complexities of reporting profits or losses when redeeming tokens at exchanges.
Quantoz Payments announced the launch of EURD, or the Quantoz digital euro in October 2023. At the time, the company wanted to emphasise that EURD is not a not a cryptocurrency or a stablecoin but an electronic money token (EMT) that is also distinct from central bank digital currencies (CBDCs).
Moreover, EURD was designed to be compliant with the Markets in Crypto Assets Regulation (MiCAR), which has brought comprehensive regulation to the issuance of electronic money tokens on distributed ledgers. Quantoz focuses on building blockchain technology-based solutions. The company brings substantial experience in working with large corporates and delivering mission-critical infrastructure but also successfully works with small and disruptive startups.
Quantoz Payments is a subsidiary of Quantoz, and its e-money license allows Quantoz Payments to issue regulated digital euros on the blockchain.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now