Hyundai Card Completes US$20,000 Stablecoin Transfer Test Between U.S. and Mexico Units

Hyundai Card has completed a successful test of a $20,000 (approximately 27.2 million KRW) stablecoin-based international transfer between Hyundai Motor's U.S. and Mexico entities, with plans to expand the trial to European subsidiaries. The experiment involved converting dollars to Tether (USDT), sending them via the Avalanche (AVAX) network, and converting back to dollars at the receiving end. The entire process, including verification, took an average of seven minutes—significantly faster than traditional bank transfers requiring three to four hours.

The test included Hyundai Card, Hyundai Motor's U.S. and Mexico entities, Tether, Avalanche, and blockchain payment infrastructure company Axiym. Unlike consumer payments, this trial focused on cross-border corporate fund settlements between subsidiaries. Hyundai Card also evaluated regulatory, legal, tax, accounting, and internal control requirements alongside the transfer process.

Stablecoins like USDT are designed to maintain value pegged to fiat currencies. The transaction involved converting dollars to USDT for network transmission before reverting to dollars at the destination. Key verification points included exchange costs and liquidity management, especially as repeated settlements across multiple countries require synchronized accounting and internal controls.

Hyundai Card plans a follow-up Proof of Concept (PoC) between European Hyundai Motor subsidiaries using local currency-based transfers and USDC from Circle with Visa participation. However, no official announcement has been made confirming the completion of this second PoC as of September 17, 2026. The current phase remains focused on testing whether the system can handle larger transaction volumes and more complex operational environments.