The initiative signifies a growing trend among companies seeking efficient stablecoin solutions for moving funds across international operations.
By Olivier Acuna|Edited by Sheldon Reback Jul 10, 2026, 3:26 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Hyundai utilized blockchain technology for transactions between its subsidiaries. (Raphael Maksian/Unsplash)SummaryShow- Hyundai has become the first prominent South Korean firm to implement the Avalanche protocol for real-time cross-border treasury transactions.
- In the initial phase, the company transferred $20,000 from its U.S. division to its Mexican branch using USDT, reducing transaction time to approximately seven minutes compared to the usual three to four hours with conventional banking.
- The automaker intends to extend this initiative to additional payment routes and currencies, including a trial in Europe that will assess local currency transactions and foreign exchange costs in collaboration with Circle and Visa.
Hyundai, recognized as the third-largest automobile manufacturer globally based on sales, has launched a stablecoin-based internal remittance system on the Avalanche blockchain, marking a significant milestone for South Korean enterprises.
Justin Kim, head of APAC at Ava Labs, which develops the blockchain platform, stated, "Hyundai is the first major company to publicly announce this type of implementation on Avalanche, but this initiative is more than just a technical trial. It serves as a real treasury management application, having successfully transferred live USD and USDT between Hyundai Motor's U.S. and Mexico branches.”
This international transfer occurs as stablecoins gain popularity beyond cryptocurrency trading. Major corporations are increasingly exploring this technology to facilitate inter-subsidiary payments, streamline cross-border transactions, and mitigate the expenses and delays associated with traditional banking systems, according to Lindsey Einhaus, who leads strategy and operations at stablecoin infrastructure company Bridge, speaking at Consensus Miami in May.
For Hyundai, which produces Kia compact cars and the Ioniq electric model, the initial phase involved converting $20,000 from Hyundai Motor America into Tether's USDT stablecoin, and then back to dollars upon reaching Mexico.
The companies aim to broaden this project to additional international payment routes and currencies, as confirmed by the blockchain company in a correspondence with CoinDesk.
“The upcoming phase will investigate more cross-border corridors and local currencies, which will assist in assessing the scalability of these systems for various enterprise applications," they noted.
Hyundai Card, the automaker's credit card division, indicated that the entire transaction process averaged seven minutes, a significant reduction from the three to four hours typically required by traditional banking channels.
A follow-up pilot involving Hyundai's subsidiaries in Europe is set to commence later this month, focusing on local currency transfers and evaluating the costs associated with foreign exchange conversions in partnership with Circle Internet (CRCL), the issuer of the USDC stablecoin, and Visa.
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Digital Assets: Quarterly Review and Outlook Q2
Digital Assets: Quarterly Review and Outlook Q2
Digital assets recorded a third consecutive quarter of losses in Q2 2026, marking the longest losing streak since the 2022 bear market, as institutional funds shifted toward AI stocks and Bitcoin ETFs faced their largest quarterly outflow since inception. Our report analyzes the factors behind this divergence, areas of continued structural adoption, and what signals to watch for in Q3.
By CoinDesk Research7 hours agoDigital assets recorded a third consecutive quarter of losses in Q2 2026, marking the longest losing streak since the 2022 bear market, as institutional funds shifted toward AI stocks and Bitcoin ETFs faced their largest quarterly outflow since inception. Our report analyzes the factors behind this divergence, areas of continued structural adoption, and what signals to watch for in Q3.
Why it matters:
Digital assets recorded a third consecutive quarter of losses in Q2 2026, marking the longest losing streak since the 2022 bear market, as institutional funds shifted toward AI stocks and Bitcoin ETFs faced their largest quarterly outflow since inception. Our report analyzes the factors behind this divergence, areas of continued structural adoption, and what signals to watch for in Q3.
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