Hyundai stablecoin pilot completed its first real-world cross-border payment test. Hyundai Card successfully moved money using USDT between Hyundai Motor’s subsidiaries in the US and Mexico.
Consequently, the test moved beyond being merely a theoretical blockchain experiment and became a practical application based on internal company payment needs.
Why Hyundai stablecoin pilot matters
According to the company’s statement, Hyundai Motor America converted $20,000 to USDT and sent it to its unit in Mexico via the Avalanche network. The recipient then converted the amount back to dollars.
The entire process completed in approximately seven minutes. For context, a similar transaction in traditional interbank international transfers can take three to four hours. Therefore, the stablecoin-based structure provides significant efficiency in terms of time.
Company officials stated that the real importance of the pilot lies in its reliance on a real commercial use case. Specifically, the transaction addressed the need for genuine internal reconciliation among Hyundai Motor’s overseas subsidiaries. Consequently, the results have practical value.
Hyundai stablecoin pilot: key participants and controls
Hyundai Card reportedly played a leading role in several areas. These included regulatory reviews, legal and tax controls, internal audit evaluations, and the design of the transfer structure. Blockchain payment infrastructure company Axiym also participated in the PoC process.
The pilot was conducted in collaboration with Tether and Avalanche. Therefore, this showed how stablecoin infrastructure can integrate with corporate treasury operations.
Second phase already planned
Hyundai plans to launch its second stablecoin pilot later this month. This new PoC will be conducted among Hyundai subsidiaries in Europe. Notably, Visa and USDC issuer Circle will participate.
The second phase will test real stablecoin transfers based not only on the dollar but also on various local currencies. Therefore, the company aims to more comprehensively measure the cost efficiency of stablecoin-based international payments through this process.