Hyundai Card uses USDT and Avalanche for first intercompany remittance trial

Hyundai Card has completed its first stablecoin-based cross-border remittance test, settling a $20,000 payment between Hyundai Motor’s U.S. and Mexican entities in about seven minutes using USDT on Avalanche.

According to a Hyundai Card press release, the proof-of-concept (PoC) involved Hyundai Motor America converting $20,000 into Tether’s USDT, transferring the funds over the Avalanche blockchain to Hyundai’s Mexico unit, where the stablecoins were converted back into U.S. dollars.

The company said the transaction was completed in roughly seven minutes, compared with the three to four hours typically required for conventional interbank transfers.

Unlike a laboratory demonstration, the PoC supported an actual intercompany settlement between Hyundai Motor’s overseas operations. 

“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.

Hyundai Card said it handled regulatory reviews, legal and tax assessments, internal control checks, and the overall remittance design for the project. Blockchain payments company Axiym also participated in the test.

Europe trial to add Visa and Circle

Building on the initial trial, Hyundai Card said it will begin a second PoC later this month involving Hyundai Motor entities in Europe.

According to the company, the next phase will include Visa and USDC issuer Circle and will test stablecoin remittances using multiple local currencies instead of only U.S. dollars. The trial will also evaluate whether stablecoin transfers can reduce costs for international settlements.

The latest test adds to a growing number of companies exploring stablecoins for cross-border payments. Last month, SBI Remit partnered with Fasset to build stablecoin infrastructure for remittances, treasury management and settlement services, saying blockchain-based transfers could shorten settlement times and reduce transaction costs.

A separate partnership announced in June saw MassPay integrate Coinbase’s USDC payment infrastructure into its global payout network across 180 countries. The companies said stablecoin funding could remove the need for businesses to prefund accounts across multiple markets, allowing capital to remain available while settlements take place on-chain.

Interest in stablecoin payment infrastructure has continued to expand as financial institutions and payment providers test blockchain networks for faster international transfers without relying solely on traditional banking rails.