India’s second largest firm Tata Consultancy Services (TCS) has just announced the first successful trial of blockchain cross-border securities settlement between two central depositories (CSDs).

Indian Tata Consultancy Services revealed that the pilot generated a set of equities and fixed income securities for two CSDs, which include Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. The trial also created the accounts that hold the income securities.

The company claimed that this is the world’s first cross-border securities settlement that uses cash coins on the multi-asset transaction system BaNCS Network, which is based on the development of Quartz blockchain. Per the press release, the cash coins are a type of fiat-pegged stablecoin which is preserved on the network.  

The network allows customers in many fields including banking, market infrastructure, custody as well as insurance industries to easily collaborate through a single ledger.

Fathia Bennis, CEO of Maroclear, said that with blockchain technology, “we can overcome limitations in prevailing business models and create new business opportunities for our customers,”.

In a report made by CrunchBase data, TCS has received $15.4 billion in its annual revenue while the parent company Tata Group has gained $100.4 billion.

More and more companies are focusing on developing technology for cross-border services. As The Crypto Sight reported earlier this month, American cryptocurrency exchange Coinbase has begun offering a cross-border payment transfer facility for its users in any of its supported countries, including India, Mexico, and the Philippines.