Hyundai Motor America and Mexico Legal Entity Complete Stablecoin Remittance Proof of Concept, Achieving Cross-Border Fund Settlement in 7 Minutes with USDT

Odaily Planet Daily News: Hyundai Card and Hyundai Motor have completed a proof of concept for cross-border remittances based on stablecoins, enabling stablecoin transfers between Hyundai Motor America and its Mexico legal entity. A second verification round between European legal entities is planned for the end of this month. In the first PoC, Hyundai Motor America converted $20,000 into USDT, remitted it to the Mexico legal entity, and then exchanged it back to USD. Using USDT, cross-border fund settlement was completed in 7 minutes, significantly faster than the 3 to 4+ hours required for traditional interbank transfers. Participants included Hyundai Card, Hyundai Motor America and its Mexico legal entity, Tether, Avalanche, and Axiym. The second PoC will be conducted in Europe, involving actual remittances in non-USD local currencies, with the participation of Circle and Visa.