Circle · Japan · South Korea · U.S. · CoinDesk
Hyundai becomes first major South Korean firm to introduce internal stablecoin transfers
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Hyundai, the world’s third-largest carmaker by vehicle sales, moved a stablecoin-based, cross-border, internal remittance system into production readiness on the Avalanche blockchain, becoming the first major South Korean company to do so.
Key facts
- For the maker of the Kia compact and Ioniq electric cars the first phase involved transferring $20,000 from Hyundai Motor America to Hyundai Motor Mexico by converting dollars into Tether's USDT
- Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs
- Hyundai is the first major enterprise to publicly announce this type of implementation on Avalanche, but the initiative represents more than a technical experiment," said Justin Kim, head of APAC
- Hyundai, the world’s third-largest carmaker by vehicle sales, moved a stablecoin-based, cross-border, internal remittance system into production readiness on the Avalanche blockchain, becoming
Summary
Hyundai became the first major South Korean company to use the Avalanche for live cross-border treasury transfers. In its first phase, Hyundai transferred $20,000 from its U.S. unit to its Mexico unit using USDT, cutting transfer times to about seven minutes from the usual three to four hours via traditional banking. The carmaker plans to expand the project to more payment corridors and currencies, including a pilot in Europe that will test local currency transfers and foreign-exchange costs with Circle and Visa. "Hyundai is the first major enterprise to publicly announce this type of implementation on Avalanche, but the initiative represents more than a technical experiment," said Justin Kim, head of APAC at Ava Labs, which develops and supports the blockchain platform.