Tech Mahindra to Launch ‘Stablecoin-as-a-Service’ Blockchain Solution
Tech Mahindra and Quantoz 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 banking functions like payments and transactions. This will accelerate the regulated use of blockchain and has the potential to boost its adoption across banking vertical.
Stablecoins are digital tokens that offer stability by pegging their value to certain assets like fiat currency or commodities. In addition to optimizing digital payments, stablecoins also enable enhanced functionalities like IoT (Internet of Things) payments, micropayments, programmable payments and cross spending across payment ecosystems.