From January 2021 through September this year, stablecoin payments between domestic and overseas companies reached approximately $620 million, with their use expanding beyond investment to the settlement of actual commercial transactions.
Stablecoin payments between companies in South Korea and other countries totaled approximately $620 million (about 853.9 billion won) from January 2021 through September this year. The figure excludes cryptocurrency exchange deposits and withdrawals and transactions conducted solely for investment purposes, and includes only payments for goods such as raw materials and for services. This shows that corporate demand for stablecoins is expanding in practice beyond simple investment into trade payments and intercompany settlement.
As a major example, Hyundai Motor and Hyundai Card completed a proof of concept (PoC) in July for international remittances using dollar stablecoin Tether (USDT) between Hyundai Motor’s U.S. and Mexican sales subsidiaries. The PoC involved Hyundai Motor’s U.S. subsidiary converting $20,000 into Tether (USDT), sending it to the Mexican subsidiary, and then converting it back into dollars locally.
After completing the PoC between its U.S. and Mexican subsidiaries, Hyundai Motor is currently conducting a second PoC with its overseas subsidiaries in Europe.