Hyundai Tests Stablecoin Transfers, Completes International Payment in 7 Minutes

Hyundai Motor Group has successfully tested stablecoin transfers between its units in South Korea and Mexico, completing a proof-of-concept test with Tether's USDT and Avalanche blockchain platform. The transfer took seven minutes to complete, significantly faster than the hours it would take for a traditional bank transfer.

The test involved Hyundai Card, the payment unit of Hyundai Motor Group, converting $20,000 into stablecoins and sending it to Hyundai Motor Mexico, where it was converted back into dollars. This process usually takes several hours with traditional banks but took only seven minutes in this case.

Tether, Avalanche, and Axiym were involved in the test, which is seen as a significant development for the adoption of stablecoins in international remittances and payments infrastructure. Hyundai Card plans to continue exploring the use of stablecoins and expand its business in this area.

The next phase will involve testing local-currency remittances among Hyundai Motor subsidiaries in Europe, including Circle's USDC and Visa.