Hyundai Motor Launches Internal Cross-Border Remittance System on Avalanche Public Chain

CoinFeed July 10 news, according to CoinDesk, Hyundai Motor has launched an internal cross-border remittance system on the Avalanche public chain, becoming the first large Korean enterprise to publicly adopt stablecoin cross-border treasury settlement. In the first phase pilot, Hyundai Motor's US subsidiary transferred $20,000 to its Mexican subsidiary, converting funds to USDT first and then back to USD, with an average time of about 7 minutes, significantly shorter than the 3 to 4 hours of traditional bank transfers. The project is led by Hyundai Card, the credit card division of Hyundai, and will expand to more cross-border corridors and currencies, with plans to conduct a second phase pilot with Circle and Visa in Europe to test local currency settlement and foreign exchange costs.