Hyundai Card and Hyundai Motor Company completed their first live cross-border stablecoin remittance between overseas subsidiaries using Tether's USDT on the Avalanche blockchain. The pilot focused on technical feasibility and supported an actual intercompany settlement between Hyundai Motor America and its Mexican subsidiary. The initiative marks a step toward real-world corporate adoption of blockchain-based payments as multinational corporations explore stablecoins for cross-border treasury management.
Hyundai Completes $20,000 USDT Transfer in 7 Minutes
The pilot involved Hyundai Motor America converting $20,000 into USDT, transferring the funds to Hyundai's Mexican entity via USDT on Avalanche, and converting the stablecoins back into U.S. dollars upon receipt. The entire process took approximately seven minutes, compared with the three to four hours typically required for conventional intercompany bank transfers.
A company spokesperson stated: "What makes this particularly meaningful is that the PoC was conducted in connection with actual intercompany settlement needs between Hyundai Motor's overseas entities, not as a theoretical blockchain experiment."
Hyundai Card stated that the proof of concept extended beyond the payment itself, encompassing regulatory reviews, legal and tax assessments, internal control design and the overall remittance framework required to execute the transaction in a production-like environment.
Tether, Avalanche and Axiym Provide Technical Infrastructure
The initiative brought together several blockchain infrastructure providers. Tether supplied the USDT stablecoin used for settlement, while Avalanche provided the blockchain network supporting the transfer. Blockchain payments infrastructure firm Axiym also participated in the proof of concept.
Avalanche celebrated the milestone on X, describing it as the card's first live stablecoin-based intercompany remittance.
Hyundai Plans European Pilot with Visa and Circle
A second proof of concept will begin later this month involving Hyundai Motor's European entities. Unlike the first trial, which relied on USDT, the European pilot will also include Visa and Circle, the issuer of the USDC stablecoin.
The next phase aims to evaluate stablecoin remittances using multiple local currencies rather than relying solely on U.S. dollar settlement. It will also assess cost efficiencies and operational scalability across a broader range of international payment corridors.
FAQ
What did Hyundai complete using Tether and Avalanche?
Hyundai Card and Hyundai Motor Company completed their first live cross-border stablecoin remittance between overseas subsidiaries using Tether's USDT on the Avalanche blockchain, supporting an actual intercompany settlement between Hyundai Motor America and its Mexican subsidiary.
How long did the Hyundai stablecoin transfer take?
The pilot involved converting $20,000 into USDT and transferring it from Hyundai Motor America to Hyundai's Mexican entity. The entire process took approximately seven minutes, compared with the three to four hours typically required for conventional intercompany bank transfers.
What is Hyundai's plan for its European stablecoin pilot?
A second proof of concept will begin later this month involving Hyundai Motor's European entities. The European pilot will include Visa and Circle, the issuer of the USDC stablecoin, and aims to evaluate stablecoin remittances using multiple local currencies.
