Hyundai Motor's financial division, Hyundai Card, has successfully conducted a Proof of Concept pilot project for cross-border fund transfers using the USDT stablecoin. The entire operation between the American and Mexican divisions of the automotive giant took just seven minutes.
During the test, $20,000 were converted from US dollars into the Tether stablecoin, after which the assets were transferred to the Mexican division, Hyundai Motor Mexico, where they were exchanged back into fiat dollars. The project partner was Tether, the issuer of USDT, which allowed the operation to be tested on real blockchain infrastructure.
Speed was the key result of the experiment. Traditional cross-border transfers between divisions of international corporations typically take significantly longer due to banking intermediaries, checks, and currency conversions. Here, the entire cycle — from conversion to receipt of funds — was completed in seven minutes.
Plans for the Second Phase
The company has already announced a second pilot project, scheduled for the end of July. This time, the testing will be conducted by Hyundai Motor's European divisions. The second test will be more complex in structure: it involves real money transfers in currencies other than the US dollar.
Circle (issuer of USDC) and Visa are joining the new project. Their involvement expands the range of payment and stablecoin infrastructures used, indicating the seriousness of Hyundai's intentions to integrate digital assets into corporate finance.
The significance of this experiment extends far beyond a single company. It clearly demonstrates that large corporations are beginning to view stablecoins not merely as investment objects, but as a practical tool for internal cross-border settlements. If such transfers prove faster and cheaper than bank transactions, it could dramatically accelerate the adoption of stablecoins in corporate treasuries worldwide.
Analyst's opinion: The Hyundai Card pilot is not just a technical experiment, but a signal to the market. When a giant like Hyundai begins testing stablecoins for operational needs, it changes the perception of crypto assets in the eyes of the conservative corporate sector. If the second phase with the participation of Visa and Circle is successful, we may witness the beginning of a mass shift of international holdings to blockchain-based settlements.