Hyundai Card has completed a pilot project using stablecoins for cross-border corporate remittances, marking a significant step toward the adoption of blockchain-based financial infrastructure in global business operations.
The company announced on July 9 that it successfully completed a first proof-of-concept (PoC) for transferring funds between Hyundai Motor’s U.S. and Mexico subsidiaries using stablecoins. The project is drawing attention as it moves beyond a technology demonstration and explores practical applications in real-world corporate finance.
The pilot utilized USDT, a U.S. dollar-pegged stablecoin. Hyundai Motor’s U.S. subsidiary converted $20,000 into USDT, transferred the digital assets to its Mexico subsidiary, and converted the funds back into U.S. dollars. Hyundai Card said the entire remittance and verification process took an average of about seven minutes.
Compared with traditional international bank transfers, which can require hours or longer due to intermediary processes and differences among financial systems, blockchain-based transactions demonstrated potential advantages in speed and operational efficiency.
Hyundai Card conducted the pilot not only to evaluate transaction speed but also to verify practical business requirements, including accounting procedures, tax considerations, legal compliance, and internal control systems. The company said the project was designed to examine whether stablecoins could be integrated into actual corporate operations.
The project involved Hyundai Card, Hyundai Motor’s U.S. and Mexico subsidiaries, stablecoin issuer Tether, blockchain platform company Avalanche, and payment infrastructure provider Axiym.
Hyundai Card plans to conduct a second PoC later this month involving Hyundai Motor affiliates in Europe. The next phase will examine the feasibility of using local currency-based stablecoins, potential foreign exchange cost reductions, and operational efficiencies. Stablecoin issuer Circle and global payments company Visa are expected to participate in the additional verification process.
Industry observers view the project as an important example of how stablecoins may expand beyond cryptocurrency trading into enterprise finance. While stablecoins have largely been discussed as digital assets for investment and trading, their application in corporate remittances could open new possibilities for global settlements and payment systems.
Market experts note that multinational companies could benefit from faster fund transfers, reduced intermediary costs, and improved efficiency in managing overseas operations. Stablecoins could potentially be applied to areas such as overseas subsidiary settlements, international payments, and supply chain finance.
A financial industry official said, “Stablecoins still require regulatory clarity, strong compliance systems, and enhanced investor protection measures before widespread adoption. However, this case demonstrates the potential of digital assets to become part of real-world financial infrastructure.”
The industry also expects regulatory developments to play a key role in determining the future growth of stablecoin-based services. Ensuring transaction security, preventing money laundering, and establishing institutional-level risk management will be essential for broader adoption.
Hyundai Card plans to continue exploring stablecoin applications in areas such as overseas affiliate settlements and global payment infrastructure, with the goal of strengthening its digital finance capabilities.
