Hyundai Motor Group successfully completed its first test of international stablecoin transfers between its overseas subsidiaries. During the pilot, a $20,000 transfer from the U.S. to Mexico took just 7 minutes.
Hyundai Card, the financial arm of Hyundai Motor Group, successfully completed a pilot project for cross border transfers using stablecoins. The test was conducted between Hyundai Motor America and Hyundai Motor Mexico and demonstrated the potential of digital assets for internal international settlements. The Korea Herald reported the results.
As part of the pilot, Hyundai Motor’s U.S. subsidiary converted $20,000 into USDT before sending the funds to its Mexican subsidiary, where they were converted back into U.S. dollars. The entire process, from initiating the transfer to confirming receipt, took 7 minutes. By comparison, traditional cross border bank transfers typically take 3 to 4 hours.
The project involved:
- stablecoin issuer Tether;
- blockchain platform Avalanche;
- blockchain payments infrastructure provider Axiym.
Hyundai Card said the initiative marked the first pilot of its kind by a South Korean card company, using stablecoins for a real world international transfer between corporate subsidiaries. The company developed the transaction framework together with Hyundai Motor after addressing accounting, tax, legal, and internal control requirements, while also preparing the necessary infrastructure.
Hyundai Card plans to launch the second phase of testing with Hyundai Motor’s European subsidiaries before the end of this month. Circle and Visa will also join the project. The next pilot will include not only U.S. dollar transfers, but also settlements in local currencies. This will allow the company to evaluate the economic benefits of using stablecoins, including potential savings on foreign exchange conversion costs.
The company also said the successful completion of the pilot demonstrated its readiness to move beyond validating the technology and begin exploring practical implementation. Going forward, Hyundai Card plans to expand stablecoin based solutions for international money transfers and the development of modern payment infrastructure.
A month ago, Ripple integrated the Mexican peso-backed stablecoin MXNB into its infrastructure to improve corporate payments and liquidity management in one of the world’s largest payment corridors between the U.S. and Mexico.
