Hyundai Card announced on Thursday the successful completion of its first proof-of-concept (PoC) for cross-border remittance using Tether’s USDT stablecoin on the Avalanche blockchain. The transaction, which settled an actual $20,000 intercompany payment between Hyundai Motor America and Hyundai’s Mexico entity, was processed in approximately seven minutes—a stark contrast to the three to four hours typically required by traditional interbank transfers.
Unlike a laboratory simulation, the PoC directly addressed a real settlement need between Hyundai Motor’s overseas operations. Hyundai Card handled all regulatory, legal, tax, and internal control aspects of the transfer design, with blockchain payments infrastructure firm Axiym also participating.
“What makes this particularly meaningful is that the PoC was conducted in connection with actual intercompany settlement needs between Hyundai Motor’s overseas entities, not as a theoretical blockchain experiment,” a Hyundai Card spokesperson said.
Building on this milestone, Hyundai Card plans to launch a second PoC later this month involving Hyundai Motor entities in Europe. That phase will include Visa and Circle, the issuer of the USDC stablecoin, and will test stablecoin-based remittances across multiple local currencies to evaluate cost efficiency.
