Hyundai Card just pulled off something that usually takes banks days to fumble through. The financial arm of Hyundai Motor Group completed a real stablecoin-based intercompany settlement on the Avalanche blockchain, moving $20,000 in USDT between Hyundai Motor subsidiaries in the US and Mexico. The whole thing took an average of seven minutes.
For context, traditional cross-border wire transfers between corporate entities can take anywhere from one to five business days, involve multiple intermediary banks, and rack up fees at every hop.
How the remittance layer works
The proof-of-concept, completed on July 9, brought together four key players: Hyundai Card, Tether, blockchain infrastructure firm Axiym, and Ava Labs, the team behind Avalanche. Here’s the basic flow: $20,000 USD was converted into Tether’s USDT stablecoin and routed across borders on Avalanche’s network to settle obligations between Hyundai Motor’s overseas branches.
This wasn’t a sandbox experiment with fake money. The trial involved actual intercompany settlements, real funds moving between real subsidiaries.
