Hyundai Card completes its first real-world stablecoin pilot with Avalanche, Tether
Hyundai Card announced Thursday that it has completed its first proof-of-concept (PoC) testing of stablecoin-based cross-border remittance with Tether and Avalanche.
According to the press release, the PoC processed a real remittance between Hyundai Motor Company's U.S. and Mexican entities using the USDT stablecoin on Avalanche.
Specifically, Hyundai Motor America converted $20,000 into USDT, which was transferred to the Mexico office and converted back into dollars. This entire process took approximately seven minutes, whereas traditional interbank transfers would take three to four hours.
"What makes this particularly meaningful is that the PoC was conducted in connection with actual intercompany settlement needs between Hyundai Motor's overseas entities, not as a theoretical blockchain experiment," a Hyundai Card spokesperson said.
Hyundai Card led efforts in regulatory review, legal and tax checks, internal control considerations, and the design of the remittance structure, according to the release. Blockchain payment infrastructure company Axiym also participated in the PoC.
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Next phase in Europe
Later this month, Hyundai plans to begin its second PoC, which will be conducted between Hyundai Motor's entities in Europe. Visa and USDC issuer Circle will participate in the second round.
The second PoC will involve real-world stablecoin remittances based on various local currencies other than the U.S. dollar, and aims to verify the cost efficiency of stablecoin money transfers.
Hyundai Card completes its first real-world stablecoin pilot with Avalanche, Tether Hyundai Card announced Thursday that it has completed its first proof-of-concept (PoC) testing of stablecoin-based cross-border remittance with Tether and Avalanche. According to the press release, the PoC processed a real remittance between Hyundai Motor Company’s U.S. and Mexican entities using the USDT stablecoin on Avalanche. Specifically, Hyundai Motor America converted $20,000 into USDT, which was transferred to the Mexico office and converted back into dollars. This entire process took approximately seven minutes, whereas traditional interbank transfers would take three to four hours. “What makes this particularly meaningful is that the PoC was conducted in connection with actual intercompany settlement needs between Hyundai Motor’s overseas entities, not as a theoretical blockchain experiment,” a Hyundai Card spokesperson said. Hyundai Card led efforts in regulatory review, legal and tax checks, internal control considerations, and the design of the remittance structure, according to the release. Blockchain payment infrastructure company Axiym also participated in the PoC. Expand Chart Next phase in Europe Later this month, Hyundai plans to begin its second PoC, which will be conducted between Hyundai Motor’s entities in Europe. Visa and USDC issuer Circle will participate in the second round. The second PoC will involve real-world stablecoin remittances based on various local currencies other than the U.S. dollar, and aims to verify the cost efficiency of stablecoin money transfers. Ref: https://paykalken.com
Hyundai Card completes its first real-world stablecoin pilot with Avalanche, Tether Hyundai Card announced Thursday that it has completed its first proof-of-concept (PoC) testing of stablecoin-based cross-border remittance with Tether and Avalanche. According to the press release, the PoC processed a real remittance between Hyundai Motor Company’s U.S. and Mexican entities using the USDT stablecoin on Avalanche. Specifically, Hyundai Motor America converted $20,000 into USDT, which was transferred to the Mexico office and converted back into dollars. This entire process took approximately seven minutes, whereas traditional interbank transfers would take three to four hours. “What makes this particularly meaningful is that the PoC was conducted in connection with actual intercompany settlement needs between Hyundai Motor’s overseas entities, not as a theoretical blockchain experiment,” a Hyundai Card spokesperson said. Hyundai Card led efforts in regulatory review, legal and tax checks, internal control considerations, and the design of the remittance structure, according to the release. Blockchain payment infrastructure company Axiym also participated in the PoC. Expand Chart Next phase in Europe Later this month, Hyundai plans to begin its second PoC, which will be conducted between Hyundai Motor’s entities in Europe. Visa and USDC issuer Circle will participate in the second round. The second PoC will involve real-world stablecoin remittances based on various local currencies other than the U.S. dollar, and aims to verify the cost efficiency of stablecoin money transfers. Ref: https://paykalken.com