Tech Mahindra and Quantoz, the Netherlands-based innovative blockchain technology application incubator, specialised in building and implementing blockchain-based solutions, are set to launch ‘Stablecoin-As-A-Service’ blockchain solution for global banks and financial institutions. The usage of Stablecoins as a payment mechanism has significant potential to reduce transaction costs and processing time while providing auditability and enhancing security.
This collaboration is in consideration of the OCC (Office of the Comptroller of Currency) announcement allowing federally chartered US banks to use stablecoins for standard functions like payments and transactions. This will accelerate the regulated use of blockchain and has the potential to boost its adoption across the banking vertical.
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