Modern Motors Completes Enterprise-level USDT Cross-border Settlement Pilot, Completes Cross-border Fund Transfer in 7 Minutes

BlockBeats News, July 13th, Tether announced that Hyundai Motor America and Hyundai Motor Mexico have completed an enterprise-level cross-border settlement proof-of-concept (POC) on the Avalanche network through Axiym, becoming Tether's first corporate cross-border fund settlement pilot case.

In this pilot, Hyundai Motor America exchanged $20,000 for USDT, made a cross-border transfer to Hyundai Motor Mexico, and then exchanged it back to USD. The entire cross-border transfer and verification process took an average of only 7 minutes, significantly faster than the usual 3 to 4 hours for traditional bank cross-border remittances.

Tether stated that this pilot demonstrates the application potential of stablecoins in enterprise cross-border payments, fund management, and global fund transfers. In the next phase, the project will explore more cross-border payment channels and domestic currency settlement scenarios to further assess the stablecoin's application in corporate treasury management.