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Hyundai completes USDT treasury transfer pilot between US and Mexico
The pilot settled a $20,000 payment in about seven minutes on Avalanche, compared with three to four hours or more for a traditional cross-border bank transfer.
Hyundai Motor’s US and Mexican units have completed a proof-of-concept cross-border treasury transfer using Tether’s USDT stablecoin, according to Cointelegraph.
The companies settled a $20,000 payment in about seven minutes on the Avalanche blockchain, with Hyundai Motor America converting funds into USDT, transferring the stablecoin to Hyundai Motor Mexico, then converting it back into US dollars.
Tether said the transfer and verification process was faster than traditional cross-border bank transfers, which typically take three to four hours or more, and that the pilot used Axiym’s settlement infrastructure.
Cointelegraph also reported that Hyundai Card designed the remittance structure and handled the regulatory, compliance, accounting, and operational requirements needed to run the proof of concept, with a next phase planned to expand testing to additional payment corridors and local currency settlements.