Hyundai Card completes its first real-world stablecoin pilot with Avalanche, Tether

What happened

Visa and Circle will participate in Hyundai Card's second stablecoin PoC, which is set to begin later this month.

Confirmed

Global impact / market context

The pilot shows major Korean financial players testing blockchain‑based stablecoins, hinting at future changes in payment processing, potential new revenue streams, and the need for firms to prepare for crypto‑integrated services.

Analyst inference

Hyundai Card finished its first real‑world stablecoin proof‑of‑concept using the Avalanche blockchain and Tether’s USDT, marking a concrete test of crypto‑based payments in South Korea’s card market.

Confirmed

What to watch

1. South Korean regulators’ next steps on stablecoin usage, as authorities may issue guidance or rules that could either enable broader adoption or impose limits on such pilots. Proposed
2. How quickly merchants and other card issuers adopt the Avalanche‑USDT model, which would affect transaction volumes, fee revenue, and the overall shift toward digital currencies in retail payments. Analyst inference
3. Performance and cost metrics of the Avalanche network during the pilot, influencing whether other financial firms view it as a viable infrastructure for large‑scale stablecoin settlements. Analyst inference

Affected assets

• AVAX — Avalanche
• BLOCK — Block
• USDT — Tether

Evidence

• theblock.co