Hyundai Card completed a stablecoin-based remittance proof of concept between Hyundai Motor subsidiaries in the US and Mexico, settling a $20,000 transfer in an average of seven minutes. The same transaction through traditional interbank wire systems takes three to four hours.
The company is now expanding testing to Hyundai Motor’s European offices by month’s end. The next phase will incorporate local currencies and bring in two additional partners: Circle and Visa.
What happened in the US-Mexico pilot
On July 9, Hyundai Card officially announced the successful completion of its proof-of-concept program. At Hyundai Motor America, $20,000 was converted into Tether’s USDT stablecoin. That USDT was then transferred to Hyundai Motor Mexico over the Avalanche blockchain. Once received, the stablecoin was converted back into USD on the Mexican side.
Three key partners made the pilot possible. Tether provided the stablecoin itself. Avalanche served as the blockchain rails for the transfer. And Axiym, a blockchain payment infrastructure provider, handled the plumbing that connected everything together.
