Modern Card completes stablecoin cross-border remittance verification between Hyundai Motor’s overseas legal entities, with the entire process taking only 7 minutes.

ME News message: On July 9 (UTC+8), Hyundai Card announced that it has completed a proof of concept (PoC) for stablecoin-based cross-border remittances between Hyundai Motor America (HMA) and the Mexican entity Hyundai Motor Mexico (HMM). In the first PoC, the U.S. entity converted $20,000 into USDT, sent it to the Mexican entity, and the Mexican entity converted it back into U.S. dollars. Including international remittance and verification, the entire process averaged only 7 minutes—far less than the 3 to 4 hours (or more) typically required for traditional bank cross-border remittances. Tether and Avalanche participated in this verification.

At the end of this month, the second phase of the PoC will be launched, targeting Hyundai Motor’s European entity. It will conduct actual remittances in local currency rather than U.S. dollars to verify the effectiveness of savings in exchange and remittance costs. Circle and Visa will participate as partners.

Hyundai Card emphasized that this verification has comprehensively considered regulatory requirements such as accounting, taxation, legal matters, and internal controls, going beyond mere technical testing to reach a level suitable for real business deployment. In the future, it plans to expand the application of stablecoins to inter-entity settlement and fund transfers across Hyundai Motor Group’s global network. (Source: ChainCatcher)