Hyundai Card has completed a stablecoin-based cross-border remittance pilot for Hyundai Motor Company.
The proof of concept successfully moved funds between the automaker’s US and Mexican corporate entities, marking a step beyond traditional blockchain testing toward real-world intercompany settlement use cases.
The transaction involved converting US$20,000 from Hyundai Motor America into the stablecoin USDT, transferring the funds to Hyundai Motor Mexico, and converting the digital assets back into US dollars.
Hyundai Card reported that the entire process took an average of seven minutes, compared with the three to four hours typically required for traditional interbank transfers.
To prepare for the remittance trial, Hyundai Card coordinated reviews of regulatory, tax, accounting, and internal control requirements for the overseas entities.
The company also designed the remittance structure and overall operating framework.
The initial PoC involved multiple industry partners, including Tether, the issuer of USDT, blockchain network Avalanche, and payment infrastructure provider Axiym.
Hyundai Card is preparing a second phase of testing later this month involving Hyundai Motor’s European entities.
The next trial will test remittances using local currencies beyond the US dollar and assess potential benefits, including foreign exchange cost efficiencies. Global partners including Circle and Visa will participate in the second PoC.
“This pilot is meaningful because it goes beyond a simple technology test and demonstrates that we have completed preparations at a level that could support real-world deployment,”
a Hyundai Card official said.
The official added that Hyundai Card will continue exploring stablecoin-based opportunities for cross-border payment infrastructure and assess how such solutions could scale across Hyundai Motor Group’s global operations.
Featured image credit: Edited by Fintech News Hong Kong, based on image by wayhomestudio via Magnific