It only takes 7 minutes for Hyundai Card to complete the verification of cross-border stablecoin remittances between Hyundai Motor's overseas legal persons

Hyundai Card announced on the 9th that it has completed the verification of concept (PoC) for cross-border remittances based on stablecoins with Hyundai Motor's American Corporation (HMA) and Mexican Corporation (HMM). In the first PoC, a U.S. legal person converted US$20,000 into USDT, remitted it to a Mexican legal person, and then redeemed it back into U.S. dollars. The entire process, including international remittance and verification, took an average of 7 minutes, which is much lower than the usual requirement for traditional bank cross-border remittances. 3 to 4 hours. Tether and Avalanche participated in this verification.<br /> The second phase of PoC will be launched at the end of this month, which will be available to Hyundai Motor's European legal entities to conduct actual remittances in local currency rather than US dollars to verify the exchange cost savings. Circle and Visa will participate as partners. Hyundai Card emphasized that this verification has comprehensively considered regulatory requirements such as accounting, taxation, legal and internal control, and has gone beyond mere technical testing to reach the actual business deployment level. In the future, it plans to expand the application of stablecoin to inter-legal person settlement and fund transfer in Hyundai Motor Group's global network.