Hyundai tests stablecoin remittance between US & Mexico

Hyundai Card and Hyundai Motor have completed a proof of concept for a stablecoin-based cross-border remittance between the carmaker's US and Mexico units. The transfer was carried out for an actual intercompany settlement.

The project involved converting USD 20,000 held by Hyundai Motor America into USDT, sending it to Hyundai Motor Mexico and converting it back into US dollars. According to Hyundai Card, the full transfer and verification process took an average of seven minutes, compared with more than three to four hours for a traditional interbank transfer.

The work marks a shift from laboratory-style blockchain trials to a transaction tied to routine corporate settlement activity. Hyundai Card reviewed the accounting, tax, legal, internal control, and regulatory requirements for the overseas entities involved, while also designing the remittance structure, process, and operating framework.

The first phase brought together companies from the automotive, payments and blockchain sectors. Alongside Hyundai Card and Hyundai Motor's US and Mexico operations, the project involved Tether, the blockchain network Avalanche, and the payment infrastructure provider Axiym.

Operational test

Stablecoins have drawn attention from banks, fintech groups and large corporates as a possible way to move money across borders more quickly than correspondent banking networks allow. The Hyundai exercise is notable because it was linked to an internal payment requirement between operating entities rather than a limited technical demonstration.

That distinction matters for treasury teams, which must balance payment speed with compliance, auditability and tax treatment. Hyundai Card led the broader review needed to prepare the transfer structure for use between overseas corporate entities.

The company is now extending the work to Hyundai Motor entities in Europe. The second proof of concept is expected to test remittances in local currencies beyond the US dollar and examine whether blockchain-based transfers can reduce foreign exchange costs and settlement times.

Circle and Visa are set to join the next phase as partners. Their involvement would broaden the project beyond the first test, which centred on USDT and the movement of funds between North American units.

Wider debate

The use of stablecoins in cross-border payments has become a growing focus for multinational companies, financial institutions and regulators. Supporters argue that tokenised dollars and other fiat-linked digital assets can reduce friction in international transfers, while critics raise questions about regulation, market structure, and reliance on private issuers.

Corporate adoption has remained limited in part because finance departments must consider more than transaction speed. Any new payment rail must comply with internal controls, treasury policies, tax obligations, and local legal requirements in each jurisdiction through which funds move.

Hyundai Card said the latest work was designed with those practical constraints in mind. It described the exercise as preparation for a level of deployment suitable for real business operations between overseas affiliates.

The South Korean card issuer is part of the broader Hyundai Motor Group and has increasingly looked beyond consumer card products to new payment models and financial technology projects. This initiative places it at the centre of a test case for how large industrial groups might use stablecoins for internal money movement.

For Hyundai Motor, the trial offers a way to assess whether a digital asset-based settlement route can support the regular flow of funds between subsidiaries in different countries. Intercompany payments are a common feature of multinational operations, covering transactions such as parts, services, management fees and other internal charges.

If stablecoin settlement can be integrated into those processes, it could give companies another option alongside banks and established cross-border payment channels. Whether such models become routine will depend on regulatory acceptance, operational resilience and treasury teams' willingness to adopt new infrastructure.

"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," said a Hyundai Card official.

"We will continue to explore and expand various business opportunities using stablecoins, including cross-border remittance and payment infrastructure," the official said.