Modern Credit Card and Modern Auto complete stablecoin-based cross-border remittance proof of concept

According to Asian Business Daily, Hyundai Card and Hyundai Motor have completed a stablecoin-based proof-of-concept for cross-border remittances from the US to Mexico. Hyundai Motor's US subsidiary converted $20,000 into USDT and remitted it to its Mexican subsidiary, with the entire process taking 7 minutes. Participants included Hyundai Card, Hyundai Motor's US and Mexican subsidiaries, Tether, Avalanche, and Axiym. They plan to launch the second round of testing involving Circle, Visa, and others for their European business at the end of this month.