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Hyundai completes USDT pilot for $20K transfer
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Hyundai completes USDT pilot for $20K transfer

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  • Hyundai Motor (KRX:005380) completed a US$20,000 treasury payment pilot using Tether (CRYPTO:USDT).
  • The transfer took about seven minutes instead of several hours through traditional banking channels.
  • The company is testing stablecoins to speed up cross-border business payments.

Hyundai Motor completed a US$20,000 treasury payment pilot using Tether (CRYPTO:USDT) between its US and Mexican subsidiaries.

The payment settled in about seven minutes, while a traditional bank transfer can take three to four hours or longer.

The pilot sent US dollars from Hyundai Motor America, converted them into USDT, transferred them on the Avalanche (CRYPTO:AVAX) blockchain, and converted them back into US dollars in Mexico.

Hyundai Card designed the payment process, while Axiym provided the settlement platform used in the pilot.

Many companies are exploring stablecoins because they can reduce settlement times and simplify cross-border payments.

Tether remains the world's largest stablecoin, and more businesses are testing blockchain payments for treasury and international transfers.

At the time of reporting, Avalanche price was $6.38.

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