Hyundai Card completed a stablecoin cross-border remittance proof of concept between Hyundai Motor America and Hyundai Motor Mexico, processing USD 20,000 in an average of seven minutes. The PoC used USDT on the Avalanche network for a real intercompany settlement, demonstrating operational readiness beyond technical verification. Traditional correspondent banking for such corporate settlements typically requires three to four hours. The transaction addressed a core treasury function: intercompany billing across borders, a high-frequency process for multinationals managing cash across time zones.
Hyundai Card Completes Stablecoin Remittance Between Hyundai Motor Entities
Hyundai Card confirmed that stablecoins were used as an actual remittance method for real intercompany billing between overseas Hyundai Motor entities. A Hyundai Card official stated, "This PoC 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." The company led a comprehensive review of accounting, tax, legal, internal control, and regulatory requirements across the overseas entities involved before processing any transaction.
Participants included Hyundai Card, Hyundai Motor America, Hyundai Motor Mexico, Tether (issuer of USDT), Avalanche (blockchain network), and Axiym (payment infrastructure provider). Hyundai Card designed the remittance structure, process, and operating framework, while the Hyundai Motor entities served as the transacting parties.
Transaction Processed USD 20,000 in Seven Minutes
Hyundai Motor America converted USD 20,000 into USDT on the Avalanche network. The amount was transferred to Hyundai Motor Mexico and converted back into U.S. dollars on arrival. The round-trip — conversion, cross-border transfer, verification, and reconversion — averaged seven minutes end to end. Traditional interbank transfers for these corporate settlements typically take three to four hours.
Hyundai Card framed the result as demonstrating "outstanding speed and stability," signaling that the transfer completed reliably without technical failure or settlement error under real operating conditions. The PoC used a high-frequency, operationally critical function for multinationals: intercompany billing between overseas corporate entities.
Second PoC Targets European Entities and Multi-Currency Testing
The second PoC is scheduled to begin later this month and will involve Hyundai Motor's European entities. The design will test local currencies other than the U.S. dollar, directly testing stablecoin infrastructure in multi-currency environments where foreign exchange costs and settlement complexity are higher. Circle (issuer of USDC) and Visa will participate as global partners in this second phase.
The second PoC will verify the cost efficiency of stablecoin-based transfers in the foreign exchange process, an area the first PoC did not fully quantify. Hyundai Card stated its intent to explore the scalability of stablecoins across various areas, including settlements and fund transfers among Hyundai Motor Group's overseas entities worldwide.
FAQ
What was the purpose of Hyundai Card's stablecoin remittance proof of concept?
The PoC aimed to demonstrate that stablecoin-based cross-border remittances could be deployed between overseas corporate entities with operational readiness beyond technical verification. It was conducted as an actual remittance for real intercompany settlement processes.
How fast was the stablecoin remittance process compared to traditional methods?
The stablecoin-based cross-border transfer process took an average of seven minutes, compared to traditional interbank transfers that typically take three to four hours.
Who participated in Hyundai Card's first stablecoin remittance PoC?
Participants included Hyundai Card, Hyundai Motor America, Hyundai Motor Mexico, Tether (issuer of USDT), Avalanche (blockchain network), and Axiym (payment infrastructure provider).
