Indian IT giant Tech Mahindra to launch stablecoin tool for banks

Indian multinational know-how agency Tech Mahindra is growing a brand new stablecoin service focusing on banks and monetary establishments.

The tech large announced Monday that it has entered into an settlement with Dutch blockchain software incubator Quantoz to launch a “stablecoin-as-a-service” software to cut back transaction prices and processing instances.

The brand new collaboration targets potential purchasers from the banking and monetary sector as the USA’ Workplace of the Comptroller of Foreign money formally allowed federally chartered U.S. banks to make use of public blockchains and stablecoins for settlements in January 2021.

Rajesh Dhuddu, blockchain and cybersecurity chief at Tech Mahindra, mentioned, “The latest OCC announcement selling using stablecoins for the settlement of economic transactions by banks will spur demand and drive innovation in world funds.” 

As a part of the strategic collaboration, Tech Mahindra will assist clients combine Quantoz’s Nexus transaction processing platform into their legacy infrastructure. The platform helps each fiat and cryptocurrencies, providing a number of capabilities together with remittances, funds, loyalty and treasury administration.

The brand new partnership marks one other milestone in Tech Mahindra and Quantoz’s cooperation as the businesses beforehand collaborated on blockchain-based digital funds. “We look ahead to bringing our answer to new U.S. clients along with TechMahindra as we now have beforehand efficiently cooperated on different initiatives,” Quantoz’s chief enterprise growth workplace Henri de Jong mentioned.