Tech Mahindra wants to provide US banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January.
Indian multinational technology firm Tech Mahindra is developing a new stablecoin service targeting banks and financial institutions.
The tech giant announced Monday that it has entered into an agreement with Dutch blockchain application incubator Quantoz to launch a “stablecoin-as-a-service” tool to reduce transaction costs and processing times.
The new collaboration targets potential clients from the banking and financial sector as the United States’ Office of the Comptroller of the Currency officially allowed federally chartered US banks to use public blockchains and stablecoins for settlements in January 2021.
Rajesh Dhuddu, blockchain and cybersecurity leader at Tech Mahindra, said: “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 part of the strategic collaboration, Tech Mahindra will help customers integrate Quantoz’s Nexus transaction processing platform into their legacy infrastructure.