Tether said on July 13 that Hyundai Motor America and Hyundai Motor Mexico completed a proof-of-concept for enterprise cross-border settlement through Axiym on the Avalanche network. Tether described it as its first pilot case for enterprise cross-border fund settlement. In the test, Hyundai Motor America converted $20,000 into USDT, sent the funds across the border to Hyundai Motor Mexico, and then converted the amount back into U.S. dollars. Tether said the full transfer and verification process took an average of seven minutes, compared with the three to four hours or more that traditional bank cross-border transfers usually require. The company said the pilot points to possible use cases for stablecoins in corporate cross-border payments, cash management, and global treasury allocation. In the next phase, the project will explore more cross-border payment rails and local-currency settlement scenarios while continuing to assess how stablecoins could be used in corporate treasury management.
BlockBeats reported on July 13 that Tether said Hyundai Motor America and Hyundai Motor Mexico have completed a proof-of-concept for enterprise cross-border settlement through Axiym on the Avalanche network. Tether said the project is its first pilot case for enterprise cross-border fund settlement.
In the pilot, Hyundai Motor America converted $20,000 into USDT, transferred the funds across the border to Hyundai Motor Mexico, and then converted the amount back into U.S. dollars. Tether said the full transfer and verification process took an average of seven minutes, compared with the three to four hours or more typically required for traditional bank cross-border remittances.
Tether said the pilot showed the potential use of stablecoins in corporate cross-border payments, cash management, and global fund allocation. In the next stage, the project will look at additional cross-border payment channels and local-currency settlement scenarios, while continuing to evaluate stablecoin use in corporate treasury management.
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