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FollowingSeven-minute settlement on the Avalanche Chain
Hyundai Card has completed its first stablecoin-based true proof of concept (PoC) for cross-border payments, which uses Tether\'s USDT on the Avalanche network. Hyundai Motor America converted US$20,000 into USDT, transferred it to its Mexico office, and then converted it back into U.S. dollars. The entire process from payment to settlement confirmation takes an average of seven minutes, while traditional bank transfers usually take three to four hours.
The pilot was jointly facilitated by three partners: TEDA provides stablecoins, Avalanche Network serves as the underlying blockchain for transfers, and Axiym, a blockchain payment infrastructure provider, is responsible for the connection between all parties.
Hyundai Motor Credit Card Company pointed out that this is the first time that a Korean credit card company has used stablecoin to conduct a cross-border transfer concept verification of real inter-company remittances. The project also builds an operational framework to address potential issues in real-time cross-border transactions, including reviewing accounting, tax, legal and internal control requirements, while designing the settlement structure for transactions between overseas institutions.
Next stop in Europe: Visa and Circle join
The second proof-of-concept will be launched later this month between Hyundai Motor\'s European subsidiaries, with new global partners including Circle and Visa. Transferring funds between European offices involves euros, pounds and other local currencies, creating foreign exchange costs that Hyundai Motor Credit Card wants to evaluate.
This pilot has further enriched the institution\'s test cases on the payment track of stablecoin. For large enterprises that frequently conduct cross-border inter-company capital flows, the speed and cost advantages of stablecoins compared with traditional transfers cannot be ignored. Hyundai Motor Credit Card Company said that after the pilot, it plans to explore wider applications of stablecoins, including settlement, fund management and fund transfers within Hyundai Motor Group\'s global business.
