Hyundai Card said on the 9th that it is conducting a proof of concept (PoC) for international remittances using stablecoins. The first PoC was carried out by having Hyundai Motor America (HMA) convert $20,000 into a stablecoin, remit it to Hyundai Motor de México (HMM), and convert it back into dollars.
While traditional bank transfers take more than three to four hours, all steps, including international remittance and verification, were completed in an average of seven minutes.
The first PoC involved Tether, a dollar-based stablecoin issuer; Avalanche, a Blockchain technology company; and Axiym, a Blockchain-based payment infrastructure company. The second PoC is scheduled to be conducted between Hyundai Motor subsidiaries in Europe at the end of this month.