South Korean Firms Made $620 Million in Overseas Stablecoin Payments as Domestic Rules Stall

South Korean companies have used more than $620 million in stablecoins to pay for goods and services overseas, suggesting firms are building payment infrastructure and operational experience abroad first as domestic regulation remains stalled.

Tiger Research, a Web3 market research firm, said on September 18 that its analysis of data from blockchain data platform Allium showed stablecoin payments between South Korean and overseas companies totaled about $620 million from January 2021 through September 2026. The figure excludes deposits and withdrawals at crypto exchanges and investment transactions, and includes only payments for goods and services such as raw materials.

Some 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 in which Hyundai Motor's US sales unit converted $20,000 into Tether's USDT, sent it to its Mexican sales unit and then exchanged it back into dollars. They are currently conducting a follow-up pilot involving Hyundai Motor's European operations.

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

Companies are turning to stablecoins because conventional cross-border transfers remain costly and slow. Reducing the number of intermediary banking steps can lower fees and shorten payment and settlement times. Around-the-clock transactions, regardless of bank business hours, can also improve treasury efficiency.

Still, South Korean companies are finding it difficult to use stablecoins directly for payments and settlement because the relevant rules have yet to be put in place. Financial authorities said in 2025 they would gradually allow corporate crypto trading, but listed companies and professional investment firms have yet to be permitted to participate. For now, even entities allowed to sell crypto assets are limited to nonprofits and crypto exchanges.

Deliberations on the Digital Asset Basic Act, which would establish a regulatory framework for stablecoins, have also been delayed by disagreements over who should be allowed to issue won-backed stablecoins and how to regulate major shareholders of exchanges. The longer the regulatory overhaul takes, the greater the concern that related businesses and infrastructure that could emerge in South Korea may instead take root overseas.

Cho Yoon-sung, a senior researcher at Tiger Research, said corporations in South Korea still face difficulty opening accounts for crypto-asset trading, effectively blocking the on- and off-ramps needed to exchange fiat money and digital assets. As a result, companies have little choice but to hold stablecoins overseas or cash them out in places such as Hong Kong before bringing funds back into South Korea. Once infrastructure and business experience become entrenched abroad, it may be difficult to bring them back home, underscoring the need for a swift regulatory framework, Cho added.