Key facts
- Hyundai Motor's US and Mexican subsidiaries conducted a pilot cross-border treasury transfer using Tether's USDT stablecoin.
- The transaction involved a $20,000 payment settled on the Avalanche blockchain in approximately seven minutes.
- The pilot aimed to integrate stablecoin settlement into existing corporate treasury workflows.
- Axiym provided settlement infrastructure, and Hyundai Card managed the remittance structure and compliance.
- The next phase will involve testing additional payment corridors and local currency settlements.
Hyundai Motor's US and Mexican subsidiaries have successfully completed a pilot program for cross-border treasury transfers utilizing Tether's USDT stablecoin. The proof-of-concept involved a $20,000 payment that was settled on the Avalanche blockchain in approximately seven minutes, significantly faster than traditional bank transfers which can take three to four hours or more.
During the pilot, Hyundai Motor America converted the funds into USDT, transferred the stablecoin to Hyundai Motor Mexico, and then converted it back into US dollars. The process was managed using Axiym's settlement infrastructure, with Hyundai Card overseeing the regulatory, compliance, accounting, and operational aspects. The primary goal was to assess the feasibility of integrating stablecoin-based settlements into existing corporate treasury operations without disrupting current governance, compliance, or accounting procedures.
This initiative underscores a growing trend of enterprise adoption of stablecoins for treasury management and cross-border payments. Companies like Kyriba have partnered with stablecoin issuers such as Circle to integrate USDC into their platforms, enabling real-time settlement and improved liquidity management. Reports indicate a substantial increase in stablecoin transaction volumes processed by platforms like Bitso Business, driven by demand for efficient treasury solutions. Surveys also suggest a growing number of businesses are either using or planning to use stablecoins for international payments, with business-to-business transactions forming a significant portion of the global stablecoin payment volume.