Hyundai Card Expands Stablecoin Remittance Initiative to Europe

Hyundai Card has successfully completed a stablecoin-based remittance proof of concept between its subsidiaries in the US and Mexico. The company settled a $20,000 transfer in an average of seven minutes using Tether's USDT stablecoin on the Avalanche blockchain.

The traditional interbank wire system would take around three to four hours to complete the same transaction. This initiative marks the first major effort by a card issuer to enable stablecoin remittances for a large corporation's overseas subsidiaries.

Hyundai Card is now expanding testing to its European offices by month’s end, incorporating local currencies and bringing in two additional partners: Circle and Visa. The next phase will specifically test multi-currency remittances and measure whether stablecoin-based transfers deliver meaningful savings on foreign exchange costs compared to traditional banking channels.