Korean Firms Bypass Domestic Rules with Offshore Stablecoin Payments

Korean companies are turning to offshore stablecoin transactions to speed up cross-border payments as domestic regulations remain unresolved. From January 2021 through September 2026, Korean firms conducted stablecoin payments totaling around $620 million for goods and services, according to data from Allium. With Korea's stablecoin framework still under development, companies are using overseas affiliates to convert funds into U.S. dollar-pegged stablecoins for faster and cheaper transactions.

Hyundai Motor America demonstrated the efficiency of stablecoin payments in July, transferring $20,000 in USDT to its Mexican affiliate in just seven minutes, compared to up to four hours through traditional banking. Hyundai Card plans to expand these tests to European affiliates through partnerships with Circle and Visa. The cost advantage is significant, with stablecoin remittance fees under 1%, compared to over 6% through conventional channels, according to a World Trade Organization report.

Smaller Korean companies are also adopting stablecoin payments, often at the request of overseas trading partners. Demand is growing globally, with stablecoin payments reaching an annualized $390 billion as of December 2025, more than double the 2024 levels, per a McKinsey & Company report. However, experts warn that delays in establishing a regulatory framework could make it difficult to bring these offshore networks back to Korea once they become entrenched.

Posco International, Shinhan Bank, and Coupang are among the companies testing blockchain-based remittances and stablecoin payments. Industry insiders caution that prolonged regulatory uncertainty could undermine the competitiveness of Korean exporters, potentially leading to a permanent shift of financial activity to overseas networks.