The proof-of-concept moved $20,000 between Hyundai Motor America and Hyundai Motor Mexico in about seven minutes and is set to expand into more payment corridors and local currency settlement tests.
Hyundai Motor America and Hyundai Motor Mexico completed a proof-of-concept cross-border treasury transfer using Tether’s USDT stablecoin on the Avalanche blockchain, settling a $20,000 payment in about seven minutes. Tether said Hyundai Motor America converted the funds into USDT, transferred the stablecoin to Hyundai Motor Mexico and converted it back into US dollars, compared with three to four hours or more for a traditional cross-border bank transfer. The pilot used Axiym’s settlement infrastructure, while Hyundai Card designed the remittance structure and oversaw the regulatory, compliance, accounting and operational requirements. The test was intended to assess whether stablecoin-based settlement could fit into existing corporate treasury operations without changing governance, compliance or accounting processes, and the next phase will extend testing to additional payment corridors and local currency settlements. The trial comes as stablecoins gain traction in enterprise treasury, cross-border payments and intercompany settlement, with corporate adoption supported by new integrations, rising transaction volumes and a broader stablecoin market now valued at about $312.3 billion, according to DefiLlama.