First reported by IT Brief UK
Hyundai tests stablecoin remittance between US & Mexico
Hyundai Card Tests $20,000 Stablecoin Remittance Between US and Mexico in 7 Minutes
Hyundai Card successfully completed a $20,000 stablecoin-based cross-border remittance between Hyundai Motor America (California) and Hyundai Motor Mexico, reducing the transaction time to just seven minutes compared to traditional banking methods. The test involved converting USD into dollar-backed stablecoins, transmitting them to Mexico, and converting back to USD. This pilot brings Hyundai Card closer to launching a full stablecoin remittance service in Europe.
6h ago1 min readenNews
Key quotes
Hyundai Card completed a $20,000 stablecoin remittance between Hyundai Motor America and Hyundai Motor Mexico, cutting cross-border payment time to seven minutes.
The U.S. unit converted $20,000 into dollar-based stablecoins, transmitted them to the Mexican affiliate, and converted the proceeds back into U.S. dollars.
The transaction and verification process took seven minutes, compared with typical...
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