According to Tether, Hyundai Motor America converted the fund into USDT, transferred the stablecoin to Hyundai Motor Mexico, and converted it back to US dollars there. The transfer and verification process took approximately seven minutes. For a traditional cross-border bank transfer, this takes three to four hours or more.
Axiym's consensus infrastructure was used in the pilot application. Hyundai Card designed the remittance structure and oversaw the regulatory, compliance, accounting and operational requirements to support the implementation. The test is designed to measure whether stablecoin-based reconciliation can be integrated into existing corporate treasury operations without changing governance, compliance or accounting processes. In the next phase, companies plan to expand the testing to additional payment corridors and local currency settlements.
Corporate treasury has become an increasingly important focus for stablecoin companies. Companies offer products to support cross-border payments, liquidity management and intercompany reconciliation. In April, treasury management software provider Kyriba partnered with Circle to integrate its USDC stablecoin into its institutional treasury platform. This collaboration enables treasury teams to manage stablecoin balances alongside cash positions and settle eligible cross-border payments in near real-time.
Industry data also points to increasing corporate adoption. According to a report published this month, the volume of stablecoin transactions processed on a payment platform increased by 81 percent on an annual basis in the first half of 2026. During the same period, more than 60 percent of new corporate customers joining the platform were financial institutions, including banks and licensed payment providers.
Surveys of the business world also confirm the picture. According to a study published in June, 22.5 percent of surveyed businesses use stablecoins for international payments or plan to use them within the next 12 months. The same report noted that business-to-business transactions account for nearly 60 percent of the estimated $390 billion global stablecoin payment volume in 2025, citing McKinsey research.
Institutional interest comes as the stablecoin market continues to grow. Total stablecoin market capitalization rose nearly 21.5 percent to $312.3 billion from $257.1 billion a year ago. Tether's USDT continues to be the largest stablecoin by market value.