According to details shared by Tether, the transaction involved Hyundai Motor America converting corporate funds into USDT, transferring the stablecoin across the border to Hyundai Motor Mexico, and subsequently converting the digital asset back into standard US dollars upon arrival. The entire process—including transmission, execution, and verification—took roughly seven minutes. In stark contrast, traditional cross-border bank transfers for similar corridors typically take anywhere from three to four hours, and often significantly longer depending on banking holidays, correspondent banking networks, and international clearance procedures.
The infrastructure behind the pilot utilized Axiym’s specialized settlement network, while Hyundai Card played a crucial role in designing the overall remittance architecture. Hyundai Card also oversaw the rigorous regulatory, compliance, accounting, and operational requirements necessary to support what the companies termed a proof of concept.
The primary objective of the pilot was to carefully evaluate whether stablecoin-based settlement mechanisms could be seamlessly integrated into existing corporate treasury operations without disrupting established governance, internal compliance frameworks, or accounting processes. Following the success of this initial test, the participating companies plan to advance to a subsequent phase, which will expand testing to additional payment corridors and local currency settlements as part of a broader enterprise evaluation of corporate treasury workflows.
Corporate treasury has rapidly emerged as a critical focal point for stablecoin issuers and blockchain infrastructure providers. As global businesses seek faster, more cost-effective ways to manage liquidity across international borders, technology firms have been actively rolling out specialized products tailored to support cross-border payments, dynamic liquidity management, and instantaneous intercompany settlement.
This corporate push is gaining momentum across the wider financial technology sector. In April, prominent treasury management software provider Kyriba partnered with Circle to integrate the USDC stablecoin directly into its enterprise treasury platform. That collaboration was designed to give treasury teams the ability to manage digital stablecoin balances side-by-side with conventional cash positions. Furthermore, it enables businesses to settle eligible cross-border and intercompany transactions in near-real time, while unlocking access to crucial liquidity outside of traditional banking hours through familiar corporate treasury workflows and internal approval controls.
Data from the digital asset industry further highlights this surging institutional demand. A report published this month by Bitso Business revealed that stablecoin transaction volumes processed on its platform surged by 81% year over year during the first half of 2026. This impressive growth was primarily fueled by corporate demand for real-time settlement capabilities, efficient treasury management, and robust cross-border liquidity solutions. Notably, more than 60% of all new business clients onboarded by the platform during the period consisted of established financial institutions, including commercial banks and licensed payment service providers.
Broader business surveys echo these findings, pointing toward accelerating enterprise adoption of digital assets. A comprehensive Paybis report released in June indicated that roughly 22.5% of surveyed businesses either already utilize stablecoins for international payments or actively plan to implement them within the next 12 months. Citing extensive research from McKinsey, the report noted that business-to-business transactions accounted for approximately 60% of the estimated $390 billion in global stablecoin payment volume recorded in 2025.
This enterprise-driven expansion coincides with a period of steady growth for the broader stablecoin market. Data compiled by DefiLlama shows that the total market capitalization of all stablecoins has climbed to approximately $312.3 billion, representing a robust increase of about 21.5% from the $257.1 billion recorded a year earlier. Tether’s USDT continues to maintain its dominant position as the largest stablecoin in the global market by total market value.
