Hyundai Motor Group has completed its first proof-of-concept for corporate cross-border settlement using Tether’s USDT on the Avalanche blockchain, according to a Tether announcement. The test connected Hyundai Motor America, or HMA, and Hyundai’s Mexico subsidiary HMM in a live operating setting.
Tether said the pilot used regulated settlement infrastructure from Axiym and settled the transaction in USDT over Avalanche.
First phase moved $20,000 from the U.S. to Mexico
In the first phase, Hyundai’s U.S. subsidiary converted $20,000 into USDT, sent the funds to its Mexico subsidiary through the Avalanche network, and then had the Mexican side convert the USDT back into U.S. dollars.
The full transfer and verification process took 7 minutes on average, according to the announcement. Tether compared that with traditional interbank cross-border transfers, which it said often take 3 to 4 hours or even several days.
The broader pilot framework, including regulatory review, compliance, accounting, tax and operating design, was led by Hyundai Card.
Tether points to corporate settlement use cases
Tether said the pilot builds on its earlier strategic investment in Axiym and is aimed at giving companies near-instant value transfer tools.
In a statement, Tether CEO Paolo Ardoino said: “Stablecoins are becoming a key part of the next generation of global financial infrastructure. Hyundai’s initiative shows growing enterprise demand for financial infrastructure that can move value across borders faster, more efficiently, and with greater transparency. USD₮ is helping bridge traditional finance and blockchain infrastructure, giving businesses new tools to simplify settlement and manage global operations more effectively.”
Next phase may extend to Europe
The announcement said Hyundai plans to explore more cross-border corridors and direct settlement in local currencies in the next stage.
The source article also cited market-related reports saying Hyundai is expected to start a second-phase proof-of-concept for its European subsidiaries later this month. That phase is expected to include Circle’s USDC and Visa to test interoperability across multiple local currencies and foreign-exchange cost efficiency.