Hyundai Motor's US and Mexico entities complete stablecoin remittance proof-of-concept, cross-border funds settled in 7 minutes using USDT

Odaily Planet Daily News Hyundai Card and Hyundai Motor have completed a proof-of-concept for cross-border remittances using stablecoins, successfully transferring stablecoins between Hyundai Motor's U.S. and Mexico entities. A second phase of testing between European entities is planned for the end of this month. In the initial PoC, the U.S. entity of Hyundai Motor converted $20,000 into USDT and sent it to the Mexican entity, which then converted it back to USD. Leveraging USDT, the cross-border funds were settled in 7 minutes, significantly faster than the 3 to 4+ hours typically required for traditional interbank transfers. Participants included Hyundai Card, Hyundai Motor's U.S. and Mexican entities, Tether, Avalanche, and Axiym. The second PoC will take place in Europe, involving actual remittances in non-USD local currencies, with participation from Circle, Visa, and others.