Indian IT giant Tech Mahindra to launch stablecoin Instrument for banks

Tech Mahindra would like to provide U.S. banks with a stablecoin solution following the OCC authorized federally chartered banks to utilize stablecoins for settlement in January.
Indian multinational tech firm Tech Mahindra is growing a new stablecoin service targeting banks and financial institutions.The tech giant announced Monday it has entered into an arrangement with Dutch blockchain program incubator Quantoz to establish an”stablecoin-as-a-service” tool to decrease transaction processing and costs times.The new cooperation objectives potential customers from the banking and financial industry as the United States’ Office of the Comptroller of the Currency officially allowed federally chartered U.S. banks to utilize public blockchains and stablecoins for obligations in January 2021. Rajesh Dhuddu, blockchain and cybersecurity pioneer at Tech Mahindra, said:”The recent OCC announcement promoting the use of stablecoins for the settlement of financial transactions by banks will likely probably spur demand and drive innovation in global payments”  Included in their strategic collaboration, Tech Mahindra helps customers integrate Quantoz’s Nexus transaction processing platform into their legacy infrastructure. The platform supports both fiat and cryptocurrencies, offering several functions including remittances, obligations, devotion and treasury management.The new venture marks another milestone in Tech Mahindra and Quantoz’s cooperation as the firms formerly collaborated on blockchain-based digital payments. “We look forward to bringing solution to new U.S. customers with Tech Mahindra as we have previously successfully cooperated on other projects,” Quantoz main business development officer Henri de Jong said.

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