According to Hyundai Card, on July 9, the company and Hyundai Motor completed a proof-of-concept for stablecoin-based cross-border remittance between the automaker's U.S. and Mexico subsidiaries. The first phase involved transferring $20,000 in USDT (Tether) from Hyundai Motor America to Hyundai Motor Mexico, with the entire process including verification completed in an average of 7 minutes—significantly faster than traditional bank transfers, which typically take 3 to 4 hours or longer. The PoC involved Hyundai Card, Tether, and blockchain platform Avalanche. A second phase targeting Hyundai Motor's European operations will begin later this month, with Circle and Visa participating to test local currency transfers and further validate cost savings.
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