If there’s one corner of the wider “crypto market” that has taken many TradFi experts by surprise, it’s the explosive rise of stablecoins as a new global payment and settlement layer.
With just a cheap smartphone and an internet connection, anyone can now access USD proxies in the form of stablecoins – bypassing the friction, cost, and gatekeeping of the traditional banking system that long excluded billions from participating in global commerce.
And notably, this is still just the beginning of a much larger adoption cycle.
Stablecoins eating the world’s sovereigns
As of Q2/2025, the combined market cap of USD stablecoins already exceeds a quarter of the U.S. government debt held by China – the world’s dominant manufacturing powerhouse.
Given the mechanics of stablecoins – and their vastly superior user experience compared to traditional banking – combined with the rapid rollout of global infrastructure (both digital and physical), it is increasingly likely that USD stablecoin issuers will break into the Top 10 foreign holders of U.S. Treasuries by the end of 2025.
By 2030, they may well displace any individual sovereign holder entirely.
A very interesting dynamic is playing out here:
Previously, interest payments on U.S. debt flowed to foreign governments.
Now, they increasingly stay with the corporate issuers of stablecoins, who act as intermediaries for global demand.
This disintermediation – the dollarization of the global digital economy without the need for foreign sovereign participation – marks a significant shift in the global power structure. Local economies are becoming dollarized by default, even if their governments are no longer actively buying Treasuries.
And yet, this transformation remains largely underappreciated in mainstream financial and geopolitical analysis.
Stablecoin market share persistently growing – Credit: Alphractal
We’ll definitely be covering the topic of stablecoins more here on BitcoinVN News. Keep an eye on our Expert section for deeper insights – or if you’re more the hands-on type, check out the available stablecoins for instant swapping on BitcoinVN, our no-sign-up-required exchange with over a decade of uninterrupted operation.
Why USDQ / EURQ?
In Asia, Tether (USDT) remains the undisputed king of stablecoins – dominant by far, with no serious challenger in sight.
So why would the market need another Dollar- (or Euro-) backed stablecoin? And why is such a project receiving backing from heavyweights like Tether and Kraken?
The answer is relatively straightforward:
Regulation-driven market fragmentation is on the horizon.
Tether earned its global position by moving early – reaching into every corner of the world at a time when few took stablecoins seriously and the regulatory landscape was still largely undeveloped. But that window is closing. Regulation is now arriving – especially in regions where success is measured not by market outcomes, but by the volume of new rules produced.
Under the incoming MiCA regulatory framework in the European Union, USDT is set to face a much more challenging environment. One of the key risks lies in the requirement to hold significant reserves in Eurozone-based banks – institutions that are not exactly celebrated for their balance sheet strength.
This mandate would expose Tether’s core business model to unnecessary counterparty risk, as it would be forced to park substantial reserves in fragile European banking institutions. In the event of another banking crisis, this could blow sizable holes in Tether’s balance sheet – through no fault of their own.
In this light, the recent decision by Tether CEO Paolo Ardoino to refrain from applying for a MiCA license for USDT appears to be a prudent move – one that protects the broader global user base from being entangled in potential instabilities within the European banking system.
To maintain a compliant presence in Europe without jeopardizing its core operations, the El Salvador-based and regulated Tether has opted for a parallel strategy: backing the Quantoz-issued EURD and USDQ, two newly launched MiCA-compliant stablecoins operated out of the Netherlands.
Quantoz’s EURD and USDQ stablecoins are backed by a reserve strategy centered on European Tier 1 banks, U.S. Treasuries, and AAA-rated bonds from countries like the Netherlands and Germany. These reserves are held under the direct supervision of the Dutch Central Bank, offering a level of counterparty risk mitigation rarely seen in the stablecoin space.
By anchoring collateral in highly rated sovereign debt and EU-regulated financial institutions, Quantoz positions its MiCA-compliant stablecoins as a robust alternative to offshore-backed assets like USDT – especially for users and institutions operating under EU regulatory frameworks.
While the rest of the world will likely continue relying on classic USDT, Eurozone users – and those transacting with counterparties connected to the European market – may increasingly shift toward these new stablecoins out of practical necessity in a post-MiCA environment.
Swap USDQ & EURQ
USDQ and EURQ are currently issued as ERC20 tokens on the Ethereum blockchain. We’ll be keeping an eye on whether additional blockchain networks are introduced as settlement layers in the future.
You can already swap USDQ/EURQ instantly on BitcoinVN against all listed digital assets – no sign-up required, unless you’re accessing the VND on-ramp, which involves standard customer due diligence procedures.
