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Hyundai Completes First Live Stablecoin Remittance, Transfers $20,000 via Avalanche in 7 Minutes

GateNews
Partnerships & Ecosystem
AVAX0.04%
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According to Hyundai Card, Hyundai Motor completed its first live stablecoin remittance on the Avalanche blockchain in early July, transferring $20,000 from Hyundai Motor America to Hyundai Motor Mexico using Tether's USDT stablecoin. The transfer took an average of 7 minutes, compared with 3 to 4 hours typically required through traditional banking networks. The pilot involved converting dollars into USDT, moving the stablecoin onchain, and converting funds back into dollars at the receiving end. Ava Labs confirmed this marks the first major enterprise to publicly announce this type of treasury implementation on Avalanche. A second pilot involving Hyundai's European subsidiaries is scheduled to begin later in July, testing local currency transfers and USDC infrastructure in partnership with Circle and Visa.
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