Overview
- Hyundai Card completed a live $20,000 conversion to Tether USDT, on‑chain transfer and reconversion that settled in about seven minutes, a test run reported on Thursday.
- The transfer moved real corporate funds between Hyundai Motor America and Hyundai Motor Mexico and involved Tether, Ava Labs, and payments integrator Axiym in end‑to‑end reconciliation.
- Hyundai used a permissioned Avalanche subnet with whitelisted wallets, validator geofencing, gas abstraction and issuer freeze controls to meet KYC/AML and auditor requirements.
- A Phase Two pilot is scheduled for late July to test European corridors with Circle (USDC/EURC) and Visa, focusing on multi‑currency FX routing, total costs and fiat exit paths.
- Wider adoption depends on unresolved regulatory and accounting issues, notably South Korea’s Foreign Exchange Transactions Act and common IFRS treatment for stablecoins, which will determine whether treasuries can replace correspondent banking.