Dutch payments firm Quantoz Payments has secured a Visa principal membership, allowing it to issue Visa-branded virtual debit cards linked to its regulated e-money tokens and sponsor fintech firms that want to roll out stablecoin payment products across Europe. Users will be able to spend balances in USDQ, EURQ and EURD at any Visa-accepting merchant, online, in-store or through mobile wallets.
What Does the Visa Membership Enable?
Quantoz can now directly issue virtual debit cards tied to its e-money token balances and operate as a BIN sponsor, enabling third-party fintech platforms to embed card issuance into their own products without needing to become Visa members. This opens a compliant channel for smaller firms to offer stablecoin-based spending tools via established card rails. Direct membership gives Quantoz control over issuance and sponsorship, reducing reliance on intermediaries and creating a distribution network for regulated euro- and dollar-denominated tokens.
How Are the Tokens Structured?
Quantoz holds an Electronic Money Institution license from the Dutch central bank and issues its tokens as regulated electronic money within the European Economic Area. Reserves are held 1:1 in safeguarded accounts through a bankruptcy-remote foundation, with an additional 2% reserve buffer on the company’s balance sheet. This framework distinguishes its tokens from unregulated stablecoins by placing them under European e-money rules, including capital and safeguarding requirements. Neither Quantoz nor Visa has disclosed a launch date for the first card programs or named fintech partners using the infrastructure. Initial focus is the European market.
Why Are Payment Networks Expanding Stablecoin Capabilities?
The partnership follows a broader push by major card networks to integrate stablecoins into mainstream payments. Visa has expanded settlement support over the past year, adding Global Dollar (USDG), PayPal USD (PYUSD) and Euro Coin (EURC). It has also integrated with Stellar and Avalanche blockchains, enabling institutions to move stablecoins across those networks or convert them to fiat through Visa infrastructure. In September, Visa launched a Visa Direct pilot that lets banks pre-fund cross-border payments with USDC and EURC to accelerate payouts while reducing the need to hold excess capital. Visa later said it would expand support to four stablecoins across four blockchains. CEO Ryan McInerney told investors the company plans to further broaden its stablecoin capabilities after a year of increased activity.
How Does Mastercard’s Approach Differ?
While Visa expands through pilots and integrations, Mastercard appears to be pursuing a more acquisition-driven strategy. Rather than building onchain components internally, Mastercard is considering buying a turnkey provider that could plug into its existing payments network. Both approaches reflect the same pressure: card networks are competing to capture tokenized dollar and euro transaction volume before fintech-native players build parallel systems outside traditional rails. Quantoz’s move fits into this race—linking regulated e-money tokens directly to Visa cards and enabling fintech sponsorship provides a compliant European pathway for stablecoin spending. Whether it translates into large-scale adoption will hinge on partner launches, merchant acceptance, and how regulators treat e-money tokens alongside broader stablecoin frameworks.