- Hyundai Card completed a proof of concept for stablecoin-based cross-border transfers.
- The transaction took place between Hyundai’s US and Mexico units in just seven minutes.
- The pilot used a 20K USDT transfer and included Tether, Avalanche, and Axiym as partners.
Hyundai Card has completed a proof of concept (PoC) for stablecoin-based cross-border transfers with Hyundai Motor America (HMA) and Hyundai Motor Mexico (HMM), marking one of the first real corporate settlement tests by a major industrial group using blockchain-based payments.
The first trial involved Hyundai Motor America converting $20,000 into USDT, sending the funds to Hyundai Motor Mexico, which then converted the stablecoins back into US dollars. The entire transfer, including settlement verification, took an average of seven minutes.
Hyundai Card said a comparable bank-to-bank international transfer normally requires three to four hours. The pilot was carried out with support from Tether, the Avalanche blockchain, and blockchain payment infrastructure provider Axiym.
Trial Goes Beyond Technical Testing
Unlike earlier blockchain demonstrations that focused only on technology, Hyundai used the transfer for an actual intercompany settlement between its overseas subsidiaries.
Before running the transaction, Hyundai Card reviewed accounting rules, tax requirements, legal compliance, internal controls, and operational processes needed for cross-border corporate payments. The company also designed the remittance structure, settlement flow, and operating framework to match real business use.
According to Hyundai Card, the project reached a level suitable for practical deployment rather than remaining a laboratory experiment. The company said the work was intended to prepare stablecoins for routine payments between overseas entities while meeting regulatory and treasury requirements.
Europe Becomes the Next Test Market
The second phase of the PoC is scheduled to begin later this month with Hyundai Motor’s European operations.
Unlike the first test, which used US dollars, the European trial will process transfers using local currencies. Hyundai plans to measure whether stablecoin settlement can reduce foreign exchange costs alongside shortening settlement times.
The next phase will include Circle and Visa as partners, expanding the project beyond the initial USDT-based transfer between North American subsidiaries.
If the results are successful, Hyundai Card plans to explore broader use of stablecoins across Hyundai Motor Group’s global operations, including intercompany settlements and internal fund transfers.
Korean Firms Increase Focus on Stablecoins
Hyundai’s pilot comes as more South Korean financial institutions move into stablecoin infrastructure. Hyundai Card is among more than 140 companies supporting Open USD, a dollar-backed stablecoin scheduled to launch later this year through Open Standard.
The initiative is backed by global companies including Visa, Mastercard, Stripe, BlackRock, BNY, Standard Chartered, Google, and Coinbase.
South Korean participants include Shinhan Financial Group, KB Kookmin Card, Hanwha Life, K Bank, Woori Card, Kakao Bank, Samsung Card, Hana Card, BC Card, NongHyup Card, Samsung Electronics, and Dunamu, alongside Hyundai Card.
Open USD is designed for business payments and cross-border transfers. Participating companies will be able to mint and redeem the stablecoin without fees or volume limits, while reserve income will largely be shared with members after management costs. Governance will be handled by a board rather than a single issuer.
Related: South Korea to Legalize RWAs and Stablecoins Under Existing Laws
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