Hyundai Card Uses USDT and Avalanche for First Intercompany Remittance Trial
The pilot took seven minutes on average, compared with three to four hours for conventional bank transfers, Hyundai Card said.
- On Thursday, Hyundai Card completed a stablecoin-based cross-border remittance test, settling a $20,000 payment between Hyundai Motor America and Hyundai Motor Mexico in about seven minutes using USDT on Avalanche.
- The pilot, involving partners Tether, Avalanche, and Axiym, aimed to demonstrate that blockchain-based transfers could significantly reduce settlement times compared to the three to four hours typically required for conventional bank transfers.
- Unlike a theoretical experiment, this proof-of-concept involved actual intercompany settlement needs; Hyundai Card reviewed tax, legal, and internal control requirements while designing the operational framework for live transactions.
- Hyundai Card plans to launch a second pilot later this month involving European subsidiaries, while future phases will incorporate Visa and Circle to test remittances using multiple local currencies.
- Financial institutions are increasingly exploring stablecoins for treasury management and global payments, with recent activity including SBI Remit's partnership with Fasset last month and MassPay integrating Coinbase's USDC infrastructure across 180 countries in June.
11 Articles
11 Articles
Hyundai Card uses USDT and Avalanche for first intercompany remittance trial
Hyundai Card has completed its first stablecoin-based cross-border remittance test, settling a $20,000 payment between Hyundai Motor’s U.S. and Mexican entities in about seven minutes using USDT on Avalanche. According to a Hyundai Card press release, the proof-of-concept (PoC) involved…
Hyundai Card announced on the 9th that it is conducting a Proof of Concept (PoC) for international remittances utilizing stablecoins. The first PoC was conducted in a manner where Hyundai Motor America (HMA) converted $20,000 into stablecoins, remitted it to Hyundai Motor Mexico (HMM), and then converted it back into dollars. While traditional bank remittance methods take more than 3 to 4 hours, national
Hyundai Card Tests Stablecoin Treasury Rails on Avalanche
The pilot matters not because of the amount moved, but because it treats stablecoins as corporate treasury infrastructure rather than as a crypto investment product. Key Takeaways $20,000 converted to USDT on Avalanche, settled in an average of 7 minutes, versus 3 to 4 hours through interbank rails. Participants included Hyundai Card, Hyundai Motor America, Hyundai Motor Mexico, Tether, Ava Labs, and Axiym. European subsidiaries, multi-currenc…
Hyundai Card Tests Stablecoin Remittance With Tether
Hyundai Card said it completed an initial proof-of-concept for cross-border stablecoin remittances between Hyundai Motor America and Hyundai Motor Mexico, The Korea Herald reported July 9. The test used Tether’s USDT on Avalanche and involved payments infrastructure firm Axiym, making stablecoin settlement a treasury workflow rather than a lab-only experiment. In the test, Hyundai Motor America converted $20,000 into USDT, sent it to Hyundai Mot…
Hyundai Runs First Live USDT Remittance on Avalanche
Hyundai Card and Hyundai Motor Company have completed their first live cross-border stablecoin remittance between overseas subsidiaries using Tether's USDT on the Avalanche blockchain, marking a significant step toward real-world corporate adoption of blockchain-based payments. According to reports, the pilot focused primarily on technical feasibility, and the proof of concept (PoC) supported an actual intercompany settlement between Hyundai Mot…
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