Hyundai Taps Blockchain for Scalable Economic Model

Hyundai, one of the world's leading car manufacturers, has announced a partnership with Avalanche (AVAX) for its revamped economic model. The company sees potential in using blockchain technology to improve its financial operations. In August, Hyundai successfully completed a $20,000 USDT transfer from the United States to Mexico on the Avalanche network, which took only seven minutes compared to the usual three-to-four hours via traditional bank rails.

The transfer was part of a proof-of-concept experiment, and Hyundai is now exploring ways to scale up its operations. Heejung Nam, Head of Payments & BD at Hyundai Card, emphasized that 'the entire operation model works at scale.' If successful, this could lead to significant cost savings for the company.

Hyundai's potential adoption of Avalanche (AVAX) could provide a substantial liquidity boost to the network. The partnership also highlights the growing interest in blockchain technology among large corporations. However, it is essential to note that the transfer was conducted using stablecoins and not regular cryptocurrencies.