Hyundai Card Unveils Stablecoin Remittance Initiative for Global Operations

Hundreds of Hyundai Motor Group subsidiaries worldwide may soon benefit from faster and cheaper international transactions thanks to a stablecoin-based remittance initiative led by Hyundai Card.

The South Korean credit card company successfully completed a proof-of-concept (POC) in the US-Mexico corridor, where it took an average of just seven minutes to settle a $20,000 transfer using Tether's USDT stablecoin on the Avalanche blockchain.

This is significantly faster than traditional interbank wire systems, which take three to four hours to complete. The POC involved Hyundai Motor America converting USDT into USD for its Mexican counterpart, demonstrating the potential for seamless cross-border transactions.

Now, Hyundai Card is expanding testing to European offices by the end of the month, bringing in local currencies and new partners Circle and Visa to join Tether and Avalanche. The goal is to evaluate whether stablecoin-based transfers can deliver meaningful savings on foreign exchange costs compared to traditional banking channels.