- Toss Bank and Solana will pilot stablecoin-powered cross-border remittances and settlement infrastructure through a proof of concept.
- The partnership comes as South Korea considers new regulations for cross-border digital asset transfer services.
- The project focuses on testing and feasibility studies, with no live remittance product launched at this stage.
Toss Bank has entered a strategic partnership with the Solana Foundation to test blockchain-powered remittance infrastructure, a first for a South Korean internet-only bank. The agreement was signed in Seoul on June 19 and disclosed on June 22. Under the deal, the two organizations will examine whether Solana-based stablecoins can support overseas money transfers and settlements while evaluating broader blockchain applications across financial services.
Remittance Pilot Takes Center Stage
The first phase of cooperation focuses on a proof-of-concept project for cross-border remittances and settlement. Toss Bank plans to assess whether stablecoins operating on the Solana network can improve overseas transfer processes while remaining compatible with existing banking services.
Alongside the remittance pilot, the partners will jointly review blockchain-based payment and settlement models. They will also study how stablecoins, digital assets, and tokenized assets could fit into future financial services.
According to Toss Bank, the partnership represents the first direct one-to-one strategic agreement between a South Korean internet-only bank and the Solana Foundation. As a result, the bank plans to gradually examine blockchain infrastructure across multiple business areas.
Regulatory Changes Shape The Initiative
The project arrives as South Korea reviews new rules for digital asset services. Notably, authorities are considering a licensing framework for cross-border virtual asset transfers that could take effect in December.
Toss Bank said it will evaluate the project while responding to domestic discussions surrounding stablecoin legislation. Consequently, regulatory developments could influence how blockchain-based remittance services evolve in the country.
Park Jin-hyeon, Head of Strategy at Toss Bank, described the agreement as a starting point for applying blockchain-based financial infrastructure to existing services. He added that the bank will work with Solana to test new global digital finance experiences.
Stablecoin Testing Expands Across Asia
The agreement follows a growing number of stablecoin-related initiatives within Asia’s financial sector. Earlier reports showed KB Financial testing won-denominated stablecoin issuance, merchant settlement, offline QR payments, and remittances to Vietnam.
Meanwhile, Japan’s SBI Remit partnered with Fasset to develop stablecoin infrastructure for international remittances and settlements. Toss Bank has also explored broader blockchain initiatives, including potential Layer 1 or Layer 2 networks tied to its Money 3.0 strategy.
For Solana, the partnership adds another institutional payments initiative. Lily Liu, chair of the Solana Foundation, said the collaboration aims to explore faster and smoother remittance experiences by combining traditional banking infrastructure with blockchain technology.
The memorandum of understanding does not launch a live remittance product. Instead, the project begins with testing, feasibility reviews, and technical assessments before any potential expansion.
