Toss Bank has signed a memorandum of understanding with the Solana Foundation to build and test cross-border remittance infrastructure using stablecoins on Solana.
The agreement gives South Korea’s third-largest internet-only bank a framework to explore blockchain-based settlement as part of a broader push into digital financial services and customer-focused financial infrastructure.
Toss Bank Plans Stablecoin Remittance Testing
The bank said the partnership will begin with overseas remittances and settlement. The cooperation covers three areas, with remittance proof of concept forming the initial stage before broader payment and digital asset reviews later.
The first phase will focus on a proof of concept designed to assess whether stablecoins can reduce transfer costs and improve payment speed across borders.
The initiative will also review blockchain-based payment and settlement models, along with potential uses for stablecoins and digital assets in financial services.
Park Jin-hyeon, head of strategy at Toss Bank, said the agreement will help the bank move gradually into blockchain-based finance. “We will work together to build a future where Toss Bank’s 15 million customers can experience faster and more cost-effective global digital finance with Solana,” said Jin-hyeon.
Solana Foundation Deepens Korean Finance Links
The MoU marks another partnership between the Solana Foundation and a major South Korean financial company. In April, the foundation worked with Shinhan Card on a proof of concept to test a real-world payment system using stablecoins on Solana.
Toss Bank said blockchain adoption will proceed in phases. After remittances, the bank plans to expand the review into payments, digital assets, and tokenized real-world assets. Park described the deal as a starting point for integrating digital financial infrastructure into the bank’s wider services.
The agreement also adds a blockchain element to the roadmap of Viva Republica, Toss Bank’s parent company. Viva Republica is preparing for a U.S. initial public offering in 2026 and is targeting a valuation above $10 billion.
Korea Crypto Rules Shape Stablecoin Strategy
The partnership comes as South Korea tightens oversight of digital asset activity. Authorities last week announced plans to place cross-border crypto transfers under formal foreign exchange supervision, with registration expected to begin in December 2026.
The new approach will require the Travel Rule to apply to both sending and receiving virtual asset service providers. The rule requires exchanges to verify and share information about senders and recipients during transfers. Its scope will also extend below existing minimum thresholds, covering small-value transactions, according to Cryptopolitan.
Toss Bank said it now “plans to proactively respond to domestic legislative trends regarding stablecoins” as Korea’s regulatory framework changes. The bank’s Solana agreement, therefore, places remittance testing at the center of its blockchain plans while keeping the focus on compliance.
