Hyundai Launches Cross-Border Remittance System on Avalanche Blockchain

Hyundai Motor has launched an internal cross-border remittance system on the Avalanche blockchain, becoming the first large South Korean company to publicly adopt stablecoin for cross-border financial settlements. In the initial pilot phase, Hyundai's U.S. subsidiary transferred $20,000 to its Mexican subsidiary, converting the funds to USDT before exchanging back to USD, with an average processing time of about 7 minutes, significantly shorter than the traditional bank transfer time of 3 to 4 hours. The project is led by Hyundai Card, the company's credit card division, and will expand to include more cross-border channels and currencies. There are plans to conduct a second phase pilot with Circle and Visa in Europe to test local currency settlements and foreign exchange costs.