Indian IT giant Tech Mahindra launches stablecoin tool for banks
According to Cointelegraph, a cryptocurrency media outlet on the 6th (local time), Tech Mahindra has provided a stablecoin solution to US banks as the U.S. Currency Supervisory Service (OCC) approved the use of stablecoins for redemption in January. I want to provide.
Tech Mahindra, an Indian multinational technology company, is developing a new stablecoin service for banks and financial institutions.
The tech giant announced on Monday that it has agreed to launch a’stablecoin as a service’ tool with Dutch blockchain application incubator Quantoz to reduce transaction costs and processing time.
The new collaboration targets potential customers in banks and financial sectors as OCC officially allowed federal loan banks to use public blockchains and stable coins for settlement in January 2021.
Tech Mahindra’s blockchain and cybersecurity leader Razesh Dudou said, “With the announcement that OCC is promoting the use of stablecoins for banks’ financial transaction settlement, we spur the demand for our business and lead the global payment innovation. I will do it.”
As part of the strategic collaboration, Tech Mahindra will help customers integrate Quantoz’ Nexus transaction processing platform into their own infrastructure. This platform provides various functions such as remittance, payment, royalties, financial management, and supports both fiat and cryptocurrency.
This new partnership marks another milestone in the collaboration between Tech Mahindra and Quantoz, following previous collaborations between these companies on blockchain-based digital payments.
Quantoz Chief Business Development Officer Henri De Jong said, “As we have successfully cooperated on other existing projects, we look forward to introducing solutions to new US clients with Tech Mahindra.