Hyundai Tests Tether Stablecoin for Cross-Border Treasury Transfers

Hyundai Motor's US and Mexican units recently tested using Tether's USDT stablecoin for cross-border treasury transfers. In the pilot test, $20,000 was transferred from Hyundai Motor America to Hyundai Motor Mexico in about seven minutes on the Avalanche blockchain.

The transfer process, which typically takes three to four hours or more with traditional bank transfers, relied on Axiym's settlement infrastructure and was overseen by Hyundai Card. The companies aim to evaluate whether stablecoin-based settlements can be integrated into existing corporate treasury operations without disrupting governance, compliance, or accounting processes.

The successful pilot marks a significant step in the adoption of stablecoins for corporate treasury purposes. Tether's USDT remains the largest stablecoin by market value, with a total market capitalization of around $312.3 billion, according to DefiLlama.