Hyundai Card Expands Blockchain Strategy with Avalanche Partnership
Hyundai Card is expanding its blockchain strategy after successfully testing stablecoin-based corporate payments on Avalanche. The South Korean card issuer now aims to demonstrate that the system can handle larger transaction volumes and operational complexity. Heejung Nam, head of Payments and business development at Hyundai Card, stressed the importance of scalability.
Nam noted that the current proof of concept, which involved a $20,000 cross-border payment between Hyundai Motor America and Hyundai Motor Mexico, was relatively small but notable because it used actual corporate funds. The transaction took an average of seven minutes to complete, significantly faster than traditional banking infrastructure.
The pilot project brought together Hyundai Card, Hyundai Motor, Tether's dollar-pegged USDT stablecoin, Avalanche, and blockchain payments infrastructure company Axiom. Hyundai has not announced a group-wide deployment or provided a timeline for full commercialization.