Hyundai Card has completed what it said was the first stablecoin-based intercompany payment between overseas subsidiaries of Hyundai Motor, signaling the technology’s potential for broader corporate use, the company said Thursday. The proof-of-concept testing involved a cross-border payment between Hyundai Motor’s operations in the United States and Mexico. A second trial involving the automaker’s European subsidiaries is scheduled to take place later this month. According to Hyundai Card, the initiative is significant as it applied stablecoin technology to an actual intercompany settlement at a major multinational, rather than limiting its use to experimental projects led by IT or fintech firms. In the first pilot, Hyundai Motor America converted $20,000 into the U.S. dollar-pegged stablecoin and sent it to Hyundai Motor Mexico, where it was converted back into dollars. Among the partners in the project were stablecoin issuer Tether, blockchain platform Avalanche and blockchain payments infrastructure provider Axiym. The entire process, from payment to settlement verification, took
Hyundai Card tests stablecoin in live cross-border corporate payment
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