Hyundai Card’s $20K stablecoin transfer: 7 minutes, Europe next

Hyundai Card and Hyundai Motor completed a $20,000 stablecoin remittance in seven minutes using USDT on Avalanche, and plan to expand to Europe with new partners.

Hyundai Card and Hyundai Motor have successfully completed a proof-of-concept (PoC) for stablecoin-based cross-border remittance. The trial involved transferring $20,000 between their US and Mexico subsidiaries using Tether’s USDT on the Avalanche blockchain. The transaction settled in about seven minutes, a significant improvement over the traditional three to four hours required for interbank transfers. The process included converting USD to USDT in the US, transferring it to Mexico, and then converting it back to USD. This pilot addressed real intercompany settlement needs and underwent regulatory, legal, tax, and internal control reviews. Partners in the trial included Tether, Avalanche, and Axiym. Following the successful pilot, Hyundai Card plans to expand the initiative to European subsidiaries, incorporating multi-currency settlements and new partners such as Circle and Visa.