Hyundai Speeds Up Cross-Border Payments with Stablecoin Transfer

Hyundai Motor America and Hyundai Motor Mexico have successfully completed a cross-border treasury transfer using Tether's USDT stablecoin on the Avalanche blockchain. The transfer, which took just seven minutes to complete, was part of a proof-of-concept pilot aimed at testing the feasibility of using stablecoins in corporate treasury operations.

According to the companies, Hyundai Motor America converted $20,000 into USDT and sent it over to Hyundai Motor Mexico, where it was converted back into dollars. This process typically takes around three to four hours when done through conventional bank transfers.

The pilot test brought together several partners, including Hyundai Card, Tether, Ava Labs, and Axiym, to test the integration of stablecoin settlement into existing corporate treasury operations without changing governance, compliance, or accounting processes.

A second proof-of-concept is planned for later in July among Hyundai Motor's European subsidiaries, which will include testing Circle's USDC stablecoin and local-currency transfers.