Hyundai Card has completed a proof of concept using stablecoins for cross-border transfers between Hyundai Motor subsidiaries in the United States and Mexico, showing how blockchain-based payments could speed up corporate money transfers.
The company said Hyundai Motor America converted $20,000 into stablecoins and sent the funds to Hyundai Motor Mexico, where they were converted back into U.S. dollars. The entire transaction, including verification, took seven minutes.
According to Hyundai Card, similar transfers through traditional banking channels usually take three to four hours. The test involved stablecoin issuer Tether, blockchain platform Avalanche, and blockchain payments company Axiym.
🚨 عاجل: Hyundai Card تعلن إتمام أول دفعة بين شركات تابعة باستخدام العملات المستقرة، بين فروع Hyundai Motor الخارجية، ضمن اختبار عابر للحدود بين عملياتها في الولايات المتحدة والمكسيك. pic.twitter.com/f3VAJvD4j5
— FPA (@FILSPLUSARABIA) July 9, 2026
Hyundai Card said it designed the transfer structure after reviewing accounting, tax, legal, and internal control requirements across Hyundai Motor’s overseas businesses. It also built the infrastructure needed to support the transaction before carrying out the test.
More stablecoin trials are already planned
The company said a second proof of concept will begin later this month involving Hyundai Motor subsidiaries in Europe.
The next phase will include Circle and Visa as partners and expand the testing beyond U.S. dollar transfers to payments involving local currencies. Hyundai Card said the goal is to measure whether blockchain-based transfers can reduce foreign exchange costs while improving settlement efficiency.
The company described the project as the first stablecoin-based cross-border remittance test conducted by a Korean card issuer using stablecoins for an actual intercompany transfer.
Why are companies testing stablecoins inside their own businesses first?
Many large companies have started stablecoin projects with internal transfers instead of customer payments. That approach lets them test settlement speed, compliance, accounting, and treasury operations without exposing consumers to new payment systems.
Companies, including Visa, PayPal, and Stripe, have all expanded stablecoin programs through business payments before rolling them out. Internal transfers also involve fewer regulatory and operational risks because both the sender and receiver belong to the same corporate group.
By starting with transfers between Hyundai Motor subsidiaries, Hyundai Card can measure costs, processing time, and compliance under real business conditions before deciding whether stablecoins can support larger payment operations in the future.
In another stablecoin development, KakaoPay plans to build a “super wallet” that will allow users to hold stablecoins and tokenized assets as the South Korean fintech company prepares for the next stage of digital finance.
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