Hyundai becomes first major South Korean company to introduce internal stablecoin transfers
COINDESK ·
The companies plan to expand the project to additional cross-border payment corridors and currencies, the blockchain company told CoinDesk in an email interview. “The next phase will explore additional cross-border corridors and local currencies, which will help evaluate how these systems can scale across more enterprise use cases," it said. Project leader Hyundai Card, the manufacturer's credit card unit, said the process took an average of seven minutes, compared with the three to four hours typically required through traditional banking networks. A second pilot involving Hyundai's European subsidiaries is scheduled to begin later this month. It will test local currency transfers and evaluate the cost of foreign exchange conversions in partnership with Circle Internet (CRCL), the issuer of the USDC stablecoin, and Visa.
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