Hyundai Motor has completed a proof-of-concept applying Tether's USDT to cross-border treasury transfers between its U.S. and Mexico units.
According to a recent report by Cointelegraph, Hyundai Motor's U.S. unit and its Mexico unit processed a $20,000 payment on the Avalanche blockchain in about 7 minutes.
The U.S. unit converted the funds into USDT and sent them to the Mexico unit, which converted them back into U.S. dollars. Processing time was shorter than cross-border bank transfers, which can take 3 to 4 hours or more.
The proof-of-concept focused on checking whether stablecoin-based settlement can be incorporated into existing corporate treasury operations. It assessed whether it could be applied without changing governance, compliance and accounting procedures.
Hyundai Card designed the remittance structure and oversaw regulatory, compliance, accounting and operational requirements needed for the proof-of-concept. In the next stage, it plans to expand the scope of testing to additional payment segments and local-currency settlement to review whether it can be applied more broadly across corporate treasury operations.
Chi-gyu Hwang
delight@d-today.co.kr