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Tech Mahindra Announced it is set to Launch Stablecoin Tool for Banks

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Apr 23, 2021

According to reports, Tech Mahindra has recently announced that it is in the process of launching a new stablecoin service. Tech Mahindra, which is the largest multinational technology firm in India, has announced what it plans to do with stablecoin.

The firm has revealed to all interested parties that with the launch of the stablecoin, it is planning to target financial institutions and banks.

Tech Mahindra made the announcement around the launch of the stablecoin on Monday, April 19, 2021. The firm has announced that it has collaborated with Quantoz in order to carry out the development and launch of the stablecoin.

Quantoz is known as one of the most prominent application incubators, which is a Dutch blockchain. With their collaboration, they are planning to launch a tool that will be called “stable-coin-as-a-service”. Once developed and launched, the platform will provide two benefits to the holders of the stablecoin.

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The first benefit would be that they would be able to process fast and quick transactions. The other benefit would be that the transaction fees would be much reduced than the ones they incur when processing transactions on other assets.

With their new collaboration, the firms would see that they provide services to the financial and banking sectors. Tech Mahindra has revealed that it aims to target these sectors, especially in the United States.

The reason behind that is because the regulatory authorities in the United States have recently permitted banks and financial institutions to use stablecoins and blockchain technology.

After the approval, the banks and financial institutions in the United States will be able to conduct settlements using stablecoins and blockchain technology. Approval for the utility of stablecoins and blockchain technology was granted by the OCC, which is the Currency’s Office of the Comptroller in the United States.

The leader at Tech Mahindra for the cybersecurity and blockchain infrastructure, Rajesh Dhuddu talked about the opportunity their project has in the United States.

Dhuddu stated that the OCC has made one of the finest decisions in order to promote the utility of stablecoins and blockchains by the mainstream institutions.

This step will not only let the banks utilize the blockchain technology, but they will also be able to add their own input and knowledge into the processes to make them viable.

Once the platform is adopted in the United States, targeting more markets and countries would be a walk in the park. For them, currently, the most difficult market for adopting crypto-blockchain technology is indeed the United States of America.

The country is very strict and meticulous when it comes to adopting platforms belonging to this industry. Therefore, if the United States’ regulatory authorities let this happen, then the United States will gain supremacy over all other countries.

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