Quantoz Payments is the issuer and the gateway between fiat money and EURD. Only Quantoz Payments can mint or burn EURD.
BUNQ is a Dutch bank with a European banking license from the Dutch Central Bank and provides a trusted account that holds the customer’s funds. Quantoz Foundation manages this account, and fiat money can only enter or leave the EURD ecosystem through this account.
White-listed service providers offer their services to customers in exchange for EURD. Service providers can be merchants, token issuers, devices, and many more.
Zorg Accountants, an independent auditor, is appointed to audit the ecosystem. The auditor checks if the money in the Quantoz Foundation bank account covers the amount of EURD in the consumer and service provider wallets.
To bring money into the EURD ecosystem, the customer sends fiat money from her bank account to the Quantoz Foundation bank account. Upon receipt of the money, Quantoz Foundation will notify Quantoz Payments, who will then automatically mint (create) the corresponding amount of EURD and send them to the customer’s wallet.
Customers can send EURD to other customers or pay service providers for products or services.
Service providers can redeem the earned EURD by sending EURD back to Quantoz Payments. Quantoz Payments will burn EURD and instruct Quantoz Foundation to pay out the corresponding euro amount to the service provider’s bank account.
The roles and flows described are based on StableCoin as a Service “SCaaS, a concept developed by Quantoz, Bank Frick and BDO in 2019.
You can download the whitepaper here.