Indian multinational generation company Tech Mahindra is growing a brand new stablecoin provider focused on banks and fiscal establishments.

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

The new collaboration objectives attainable purchasers from the banking and fiscal sector because the United States’ Office of the Comptroller of the Currency formally allowed federally chartered U.S. banks to use public blockchains and stablecoins for settlements in January 2021.

Rajesh Dhuddu, blockchain and cybersecurity chief at Tech Mahindra, mentioned: “The recent OCC announcement promoting the use of stablecoins for the settlement of financial transactions by banks will spur demand and drive innovation in global payments.” 

As a part of the strategic collaboration, Tech Mahindra will lend a hand consumers combine Quantoz’s Nexus transaction processing platform into their legacy infrastructure. The platform helps each fiat and cryptocurrencies, providing more than one purposes together with remittances, bills, loyalty and treasury control.

The new partnership marks every other milestone in Tech Mahindra and Quantoz’s cooperation as the corporations in the past collaborated on blockchain-based virtual bills. “We look forward to bringing our solution to new U.S. customers together with Tech Mahindra as we have previously successfully cooperated on other projects,” Quantoz leader industry construction officer Henri de Jong mentioned.

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