Toss Bank has signed a memorandum of understanding with the Solana Foundation to test blockchain-based global remittance and settlement infrastructure.
Summary
- Toss Bank will test Solana-based remittance and settlement infrastructure before broader digital asset reviews begin.
- The partnership arrives as South Korea prepares new rules for virtual asset transfer services nationwide.
- Crypto.news reported similar stablecoin remittance tests by KB Financial, Western Union and SBI Remit recently.
The agreement was signed in Seoul on June 19 and disclosed on June 22, according to Digital Today.
The bank called the deal the first direct one-to-one strategic partnership between a South Korean internet-only bank and the Solana Foundation. The two sides will study how the Solana network can support overseas transfers, payments and later digital asset services.
Remittance test leads cooperation
The first area of work will be a proof of concept for global remittances and settlement. Toss Bank plans to test whether stablecoins can make overseas transfers faster and easier while keeping the service close to existing banking flows.
Toss Bank said the cooperation covers a joint review of blockchain-based payment and settlement models. It will also assess future financial services linked to stablecoins, digital assets and tokenized assets. Park Jin-hyeon, head of strategy at Toss Bank, said the deal was a “starting point” for applying blockchain-based financial infrastructure to services the bank already runs.
South Korea rules shape timing
The timing links the Toss Bank plan to South Korea’s changing digital asset rules. As crypto.news recently reported, South Korea is considering whether fintech firms should join a new licensing regime for cross-border virtual asset transfers due to take effect in December.
That policy shift may matter for banks and fintech firms testing blockchain remittances. Approved firms could offer blockchain-based overseas transfers and foreign exchange services under formal oversight. Toss Bank said it will review its plans while responding to domestic moves to legislate stablecoin-related rules.
Stablecoin pilots move into banking
The Toss Bank deal follows other bank-linked stablecoin tests in Asia. As crypto.news earlier reported, KB Financial tested won stablecoin issuance, offline QR payments, merchant settlement and Vietnam remittances. The Vietnam transfer finished in under three minutes and cut fees by about 87%, according to that report.
Meanwhile, stablecoin remittance trials are also expanding beyond Korea. As previously reported by crypto.news, Japan’s SBI Remit partnered with Fasset to build cross-border stablecoin infrastructure for remittances, payments and settlements across international markets.
Toss has already shown interest in blockchain beyond remittances. Crypto.news reported in April that the broader Toss group had been weighing a custom Layer 1 or Layer 2 blockchain and a native token for its “Money 3.0” stablecoin strategy. The Solana MOU gives Toss Bank a separate path to test public blockchain infrastructure before any broader rollout.
Solana gains payment use case
For Solana, the partnership adds another financial institution to its payments and stablecoin work. As crypto.news reported in May, Western Union launched USDPT on Solana, using the network for a regulated payment stablecoin tied to settlement and future customer services.
Lily Liu, chair of the Solana Foundation, said the partnership could help create a “new standard” for faster and smoother global remittances by combining bank trust with blockchain efficiency. The statement places the project inside a broader market shift toward stablecoin settlement, where banks, payment firms and fintech companies are testing faster cross-border rails.
The MOU does not mean Toss Bank has launched a live stablecoin remittance service. It starts with testing and feasibility reviews. The main questions now are whether the proof of concept can meet Korean regulatory standards, reduce transfer friction and fit into Toss Bank’s existing financial services. No public launch date has been announced yet.
