South Korean Firms Rely on Overseas Stablecoin Payments Amid Regulatory Gridlock

South Korean companies have been using stablecoins for overseas payments, with a total of $620 million in transactions recorded between January 2021 and September 2026. The data from blockchain platform Allium excludes deposits and withdrawals at crypto exchanges and investment transactions.

The use of stablecoins is driven by the need to reduce costs and speed up cross-border transfers. Conventional methods remain slow and expensive, with multiple intermediary banking steps involved. By using stablecoins, companies can lower fees and shorten payment and settlement times.

Several large South Korean companies have already begun pilot projects for cross-border remittances and payments using stablecoins. Hyundai Motor Co. and Hyundai Card completed a pilot in July, converting $20,000 into Tether's USDT and sending it to their Mexican sales unit. They are currently conducting a follow-up pilot involving European operations.

Posco International has also completed a pilot to issue and manage tokenized trade receivables generated in the trading process. The company is pursuing blockchain-based infrastructure for overseas remittances and payments with Hana Financial Group and Dunamu, the operator of Upbit exchange.