Stablecoin payments between South Korean and overseas companies totaled approximately $620 million, or nearly 860 billion won, from January 2021 through September, according to Tiger Research analysis of Allium data. The estimate covers actual payments for commodities, goods and services and excludes crypto-exchange deposits, withdrawals and investment transactions. Hyundai Motor, Hyundai Card and POSCO International have conducted overseas pilots involving USDT transfers, cross-border remittances and tokenized trade receivables, with Hana Financial Group and Dunamu also working on payment infrastructure. South Korean companies are gaining operational experience abroad because domestic corporate access to crypto trading remains restricted and legislation governing stablecoins is stalled. Analysts warn that overseas infrastructure and network effects could make it difficult to bring the activity back to South Korea if regulation is delayed.