Hyundai becomes first major South Korean company to introduce internal stablecoin transfers
CoinDesk 2026-07-10 15:26:43
Context: Hyundai, the world's third-largest carmaker by vehicle sales, has become the first major South Korean company to introduce internal stablecoin transfers for cross-border treasury management. The company used the Avalanche blockchain to transfer $20,000 from its U.S. unit to its Mexico unit, cutting transfer times to about seven minutes. This initiative is part of a broader shift by companies to explore stablecoins for efficient international payments.
Key Facts
- Hyundai transferred $20,000 from its U.S. unit, Hyundai Motor America, to its Mexico unit, Hyundai Motor Mexico, using Tether's USDT stablecoin, converting dollars into USDT before converting the funds back into dollars.
- The transfer process took an average of seven minutes, compared to the usual three to four hours required through traditional banking networks.
- The project was led by Hyundai Card, the manufacturer's credit card unit, and was implemented on the Avalanche blockchain.
- Hyundai plans to expand the project to additional cross-border payment corridors and currencies, including a pilot in Europe that will test local currency transfers and foreign-exchange costs with Circle and Visa.
- The second pilot phase in Europe will evaluate the cost of foreign exchange conversions in partnership with Circle Internet, the issuer of the USDC stablecoin, and Visa.