Hyundai Card and Hyundai Motor Complete Stablecoin PoC for Cross-Border Treasury

On July 9, it was announced that Hyundai Card and Hyundai Motor have successfully conducted a Proof of Concept (PoC) utilizing stablecoins for cross-border transactions among Hyundai Motor affiliates. The initial trial linked entities in the United States and Mexico, where Hyundai Motor America converted $20,000 into USDT, which was then transferred to Hyundai Motor Mexico and exchanged back to USD. This transaction occurred in approximately 7 minutes on the Avalanche network, with Tether as the issuer and Axiym providing the necessary infrastructure. A subsequent PoC is set to take place in Europe, partnering with Circle and Visa, to explore local currency transfers and foreign exchange costs. This PoC serves as a practical treasury assessment, examining legal, tax, accounting, and internal controls, as Hyundai intends to utilize stablecoins for internal cash flow management rather than for consumer use.