Hyundai Card and Hyundai Motor Complete Stablecoin Remittance Proof-of-Concept Between U.S. and Mexico Business Units

CoinFeed reported on July 9, according to Asian Business Daily, that Hyundai Card and Hyundai Motor have completed a stablecoin-based cross-border remittance proof-of-concept, achieving stablecoin transfers between Hyundai Motor's U.S. and Mexico legal entities, and plan to launch a second round of verification between European legal entities by the end of this month. In the first PoC, Hyundai Motor's U.S. entity converted $20,000 into USDT, remitted it to the Mexico entity, and then converted it back to U.S. dollars, with the whole process taking an average of 7 minutes, far shorter than the 3-4 hours or more for traditional interbank remittances. Participants included Hyundai Card, Hyundai Motor's U.S. and Mexico entities, Tether, Avalanche, and Axiym. The second PoC will be conducted in Europe, involving actual remittances in non-USD local currencies, with Circle and Visa among the participants.