South Korean Companies Use Stablecoins for International Payments, Reaching $620M Since 2021

South Korean companies have used stablecoins for international business payments, with transaction volumes reaching around $620 million (approximately 85.39 billion KRW) from January 2021 through September of this year, according to IT Chosun. This figure includes only transactions related to payment for goods and services, excluding exchanges and investment-related activities. The data indicates that corporate demand for stablecoins is expanding beyond investment purposes into practical settlement and payment applications.

Notably, Hyundai Motor and Hyundai Card recently completed a successful proof-of-concept (PoC) using Tether (USDT), a dollar-pegged stablecoin, to facilitate international remittances between Hyundai's U.S. and Mexican subsidiaries. The U.S. subsidiary converted $20,000 into USDT for transfer to the Mexican entity, which then converted it back to dollars. A second PoC is currently underway targeting other European-based Hyundai subsidiaries.