Hyundai Card, Hyundai Motor Complete Stablecoin Transfer Test Between Overseas Units
Summary
- Hyundai Card and Hyundai Motor said they have completed a proof-of-concept for remittances based on stablecoin (USDT) between overseas affiliates.
- The companies said the process, in which Hyundai Motor's U.S. unit converted $20,000 into USDT, sent it to its Mexico unit and converted it back into dollars, took an average of seven minutes.
- Hyundai Card said it will begin a second proof-of-concept later this month with Circle and Visa for its European units and expand a range of businesses using stablecoins.
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Hyundai Card and Hyundai Motor Co. have completed a proof-of-concept test for stablecoin transfers between overseas units.
Hyundai Card said July 9 that it completed a stablecoin-based remittance test between Hyundai Motor America and Hyundai Motor's Mexico unit. In the test, Hyundai Motor's US unit converted $20,000 into the stablecoin USDT, sent it to the Mexico unit and converted it back into dollars. Participants included Hyundai Card, Hyundai Motor, stablecoin issuer Tether, and blockchain companies Avalanche and Axum.
The entire process, including the cross-border transfer and verification, took an average of seven minutes. Hyundai Card said that compares with the three to four hours or more typically needed for conventional bank-to-bank international transfers. The company plans to begin a second proof-of-concept later in July with Circle, Visa and others for its European units.
A Hyundai Card official said the company will continue to expand businesses using stablecoins, including international remittance and payment infrastructure.
Jang Hyun-ju, Hankyung.com reporter, blacksea@hankyung.com
Korea Economic Daily
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