Hyundai Card runs $20,000 stablecoin remittance in 7 minutes

Hyundai Card ran a proof-of-concept corporate remittance that converted $20,000 into dollar-denominated stablecoins, sent the tokens from Hyundai Motor America’s California office to Hyundai Motor Mexico, and reconverted them to U.S. dollars in seven minutes. The company reported the transfer and verification took seven minutes end to end.

During the test, the U.S. unit tokenized $20,000 into dollar stablecoins, transmitted the tokens over the Avalanche blockchain, and the Mexican affiliate converted the tokens back into U.S. dollars. Stablecoin issuer Tether, blockchain network Avalanche and digital payments infrastructure provider Axiym participated in the pilot.

Hyundai Card worked with Hyundai Motor to review accounting, tax, legal and internal compliance frameworks across both international offices before executing the test. The company said conventional international bank transfers between its units typically take three to four hours.

A second phase of testing will begin later this month and expand the network to European subsidiaries. That pilot will add stablecoin issuer Circle and payments firm Visa and will include transfers that convert stablecoins into local fiat currencies. Hyundai Card plans to measure foreign exchange fees and currency conversion costs in the live European test.

Hyundai Card described the pilot as an effort to move beyond a technical trial and to assess operational readiness for corporate cross-border payments using tokenized funds. The company said the transaction represents the first reported real-world stablecoin corporate remittance by a South Korean credit card company.