Hyundai Card announced that it has successfully completed its first real-world pilot study in the stablecoin-based cross-border payment space. According to the company’s statement, a real mon
Hyundai Card announced that it has successfully completed its first real-world pilot study in the stablecoin-based cross-border payment space.
According to the company’s statement, a real money transfer using USDT was carried out between Hyundai Motor’s subsidiaries in the US and Mexico as part of a proof-of-concept (PoC) process conducted in collaboration with Tether and Avalanche. Thus, the test moved beyond being merely a theoretical blockchain experiment and became a practical application based on the actual need for internal company payments.
According to the shared information, Hyundai Motor America converted $20,000 to USDT and sent it to its unit in Mexico via the Avalanche network. The amount was then converted back to dollars.
The entire process was completed in approximately seven minutes. Hyundai Card highlighted that a similar transaction in traditional interbank international transfers can take three to four hours, noting that the stablecoin-based structure provides significant efficiency in terms of time.
Company officials stated that the real importance of the pilot study lies in its reliance on a real commercial use case. The statement explained that the transaction was conducted to address the need for genuine internal reconciliation among Hyundai Motor’s overseas subsidiaries, and therefore the results have practical value.
Hyundai Card reportedly played a leading role in areas such as regulatory reviews, legal and tax controls, internal audit evaluations, and the design of the transfer structure within the scope of the project. Blockchain payment infrastructure company Axiym was also among the parties participating in the PoC process.
Hyundai plans to launch its second stablecoin pilot later this month. This new Proof of Concept (PoC) will be conducted among Hyundai subsidiaries in Europe, with participation from Visa and USDC issuer Circle. The second phase will test real stablecoin transfers based not only on the dollar but also on various local currencies. The company aims to more comprehensively measure the cost efficiency of stablecoin-based international payments through this process.
*This is not investment advice.
Continue Reading: South Korean Automotive Giant Hyundai Announces Completion of Collaboration with Tether and Avalanche
