Hyundai Card and Hyundai Motor Test Stablecoin Remittance for Cross-Border Payments

Hyundai Card and Hyundai Motor have completed a Proof of Concept (PoC) for cross-border remittances using stablecoins between their US and Mexico units.

The trial involved a consortium of partners, including stablecoin issuer Tether, the Avalanche blockchain network, and Axiym, a blockchain payment infrastructure firm.

The PoC aimed to evaluate the efficiency, cost-effectiveness, and speed of stablecoin-based remittances compared to traditional banking channels for intra-company transfers.

The successful implementation of stablecoin remittances could reduce transaction times from days to minutes and lower fees associated with cross-border wire transfers.