Hyundai Motor America and Hyundai Motor Mexico completed a pilot cross-border treasury payment using Tether's USDT on the Avalanche blockchain on July 9, settling a $20,000 transfer in approximately seven minutes. The pilot tested whether stablecoin settlement can integrate into existing corporate treasury operations without altering governance, compliance, or accounting processes. The stablecoin sector has reportedly reached a record $280 billion, with corporate stablecoin pilots building through 2026; a second pilot among Hyundai Motor's European subsidiaries is planned for late July, with Circle and Visa joining to test USDC and local-currency transfers.
Hyundai Pilot Tests USDT Transfer Structure and Participants
Hyundai Motor America converted $20,000 into USDT, transferred the funds on Avalanche to Hyundai Motor Mexico, and converted them back into US dollars at the receiving end. A conventional interbank transfer on the same corridor takes roughly three to four hours, according to the announcement.
The proof of concept brought together Hyundai Card, which designed the remittance structure and coordinated the accounting, tax, legal, and internal-control review across the subsidiaries, alongside Tether as the stablecoin issuer, Ava Labs as the blockchain provider, and payments infrastructure firm Axiym.
Hyundai Card stated that the test used real funds tied to an actual intercompany settlement need between Hyundai's overseas entities, and described it as the first stablecoin cross-border transfer proof of concept by a Korean card company.
Hyundai Plans Second Pilot in Late July with Circle and Visa
A second proof of concept is planned for later in July among Hyundai Motor's European subsidiaries. Circle and Visa will join that round, which will test Circle's USDC stablecoin and local-currency transfers beyond the dollar-based leg.
The companies will assess potential currency-conversion savings across additional payment corridors as they evaluate broader enterprise treasury workflows.
Stablecoin Market Reaches $280 Billion as Corporate Pilots Expand
The completed pilot ran on Tether's USDT, the largest stablecoin by market value in a sector that reportedly hit a record $280 billion, with Tether and Circle dominating issuance.
Corporate stablecoin pilots have been building through 2026. Visa has conducted its own stablecoin settlement pilot for cross-border payouts, and DoorDash and Meta have tested stablecoin-powered global payouts.
FAQ
What did Hyundai Motor America and Hyundai Motor Mexico accomplish on July 9?
Hyundai Motor America and Hyundai Motor Mexico completed a pilot cross-border treasury payment using Tether's USDT on the Avalanche blockchain on July 9, settling a $20,000 transfer in approximately seven minutes. Hyundai Motor America converted the funds into USDT, transferred them on Avalanche to Hyundai Motor Mexico, and converted them back into US dollars at the receiving end.
How long does a conventional interbank transfer take on the same corridor?
A conventional interbank transfer on the same corridor takes roughly three to four hours, according to the announcement.
What is planned for Hyundai's second stablecoin pilot in late July?
A second proof of concept is planned for later in July among Hyundai Motor's European subsidiaries. Circle and Visa will join that round, which will test Circle's USDC stablecoin and local-currency transfers beyond the dollar-based leg.
