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Hyundai Card completed a stablecoin-based remittance proof of concept between Hyundai Motor subsidiaries in the US and Mexico, settling a $20,000 transfer in an average of seven minutes. The same transaction through traditional interbank wire systems takes three to four hours.
The company is now expanding testing to Hyundai Motor’s European offices by month’s end. The next phase will incorporate local currencies and bring in two additional partners: Circle and Visa.
What happened in the US-Mexico pilot
On July 9, Hyundai Card officially announced the successful completion of its proof-of-concept program. At Hyundai Motor America, $20,000 was converted into Tether’s USDT stablecoin. That USDT was then transferred to Hyundai Motor Mexico over the Avalanche blockchain. Once received, the stablecoin was converted back into USD on the Mexican side.
Three key partners made the pilot possible. Tether provided the stablecoin itself. Avalanche served as the blockchain rails for the transfer. And Axiym, a blockchain payment infrastructure provider, handled the plumbing that connected everything together.
The European expansion and new partners
Moving USDT between two dollar-denominated subsidiaries is relatively straightforward. Moving value across European offices means dealing with euros, pounds, and potentially other local currencies, introducing foreign exchange conversion costs, which is precisely what Hyundai Card wants to evaluate.
Circle and Visa will participate as global collaborators in the European phase. The expansion will specifically test multi-currency remittances and measure whether stablecoin-based transfers deliver meaningful savings on foreign exchange costs compared to traditional banking channels.
Hyundai Card has indicated this phase will also address regulatory, accounting, tax, and internal control considerations.
Why a card issuer is doing this
This initiative marks the first major effort by a card issuer to enable stablecoin remittances for a large corporation’s overseas subsidiaries. Hyundai Card operates within the Hyundai Motor Group, a conglomerate with global operations spanning dozens of countries.
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