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How the new system works
During the test, US dollars were converted to a stablecoin USDT, after which the funds instantly passed through the blockchain network and were exchanged again for dollars already on the recipient's side.
The whole operation took less than ten minutes. In comparison, a similar international bank transfer through the traditional financial system usually takes anywhere from a few hours to one business day depending on banks and time zones.
The project is implemented by the financial division of the company Hyundai Card, who is responsible for the development of digital payment solutions within the group.
Not an experiment, but a real business operation
The company emphasizes that it was not a laboratory test or a demonstration of technology, but a full-fledged financial transaction between two legal entities of Hyundai.
As Justin Kim, head of the Asia-Pacific region of Ava Labs, pointed out, we are talking about the use of blockchain for managing corporate finances, and not about an experimental "sandbox".
Ava Labs is the developer of the Avalanche blockchain that was used in the transfer.
The next stage is Europe
Hyundai does not plan to limit itself to one test. At the end of July, the company intends to conduct a second phase of testing, which will cover European divisions.
The new pilot project will provide transfers already in local currencies using stablecoin USDC. The company will also join him Circle Internet, which is the issuer of USDC, and an international payment system Visa.
During the tests, Hyundai will evaluate not only the speed of payments, but also the costs of currency conversion and the economic efficiency of such a mechanism.
Why is this important?
For international corporations with dozens of subsidiaries, daily internal calculations take up a significant amount of financial transactions. The use of stablecoins can significantly optimize this process thanks to:
significantly reducing the time of international transfers;
reduction of costs for bank commissions;
the ability to make payments 24 hours a day without being tied to the working hours of banks;
fewer financial intermediaries.
At the same time, it is not about accepting cryptocurrencies as a way to pay for cars, but exclusively about internal corporate settlements between the company's divisions.
The global trend is gaining momentum
Hyundai's decision reflects a general trend that has recently been gaining popularity among large international companies. Corporations are increasingly looking at stablecoins as a tool to streamline international payments, especially within their own business groups.
If the next stages of testing are successful, Hyundai can scale the system to other countries and payment destinations, which will be one of the first examples of the widespread use of blockchain payments in the corporate sector of the automotive industry.
In fact, the company demonstrates that stablecoins are gradually moving from the category of investment assets to real business tools capable of making international financial transactions faster, cheaper and more efficient.