Seoul-based credit card issuer Hyundai Card said on July 9 that it completed a stablecoin remittance proof of concept between Hyundai Motor entities in the US and Mexico for intercompany settlement.

In the test, US$20,000 was converted into USDT in the US, sent to Mexico, and converted back into US dollars.

Hyundai Card said the transfer and verification process took seven minutes on average, compared with more than three to four hours for a traditional interbank transfer.

Hyundai Card said a second pilot between Hyundai Motor entities in Europe is set to begin later in July. Circle and Visa will join after a first phase involving Tether, Avalanche, and Axiym.

The company said the pilot met actual intercompany settlement needs. In South Korea, wider commercial use of stablecoins remains subject to changing rules.

🔗 Source: Hyundai Card