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Hyundai Card announced on the 9th that it has completed a proof-of-concept (PoC) for corporate remittances using stablecoins between Hyundai Motor Company [005380]'s US and Mexico subsidiaries.
This verification involved Hyundai Card and Hyundai Motor Company, as well as 'Tether', a US dollar-based stablecoin issuer, 'Avalanche', a blockchain technology company, and 'Axim', a blockchain-based payment infrastructure company.
The verification was conducted by Hyundai Motor's US subsidiary converting 20,000 dollars into stablecoins (USDT), remitting them to the Mexican subsidiary, and then converting them back into dollars.
Hyundai Card plans to conduct a second PoC for European subsidiaries starting at the end of this month, in partnership with Circle and Visa.
Hyundai Card stated, "We have laid the foundation for utilizing stablecoins for remittances between overseas subsidiaries," adding, "We plan to review the scalability of stablecoins in various areas such as settlement and fund transfers between Hyundai Motor Group's overseas subsidiaries in the global market in the future."
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