Hyundai Card has completed its first stablecoin remittance proof of concept with Avalanche and Tether, using USDT to process a live transfer between Hyundai Motor Company entities in the US and Mexico.

The pilot moved $20,000 from Hyundai Motor America to Hyundai Motor Mexico over the Avalanche blockchain. Hyundai Motor America converted the funds into USDT, sent the stablecoin to the Mexico office, and the receiving side converted it back into dollars. 

The full process took about seven minutes, compared with the three to four hours Hyundai Card said a traditional interbank transfer would usually take.

Hyundai Card said the pilot was tied to actual intercompany settlement needs rather than a purely theoretical blockchain test, giving the experiment a more practical frame than many corporate crypto pilots.

Hyundai Card led regulatory review, legal and tax checks, internal control planning, and the design of the remittance structure. Axiym also participated in the pilot as blockchain payment infrastructure provider.

The company is already preparing a second proof of concept later this month. Visa and Circle are expected to participate, with Hyundai Card planning to test stablecoin transfers across Hyundai Motor’s European offices and evaluate local currency conversion, foreign exchange costs, and compliance requirements.