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South Korea’s Toss Bank is testing whether stablecoins can improve cross-border transfers for its 15 million customers, linking one of the country’s largest digital banking platforms to a broader push toward blockchain-based payments and settlements.
The internet-only bank signed a memorandum of understanding with the Solana Foundation in Seoul on June 19 to develop blockchain-based financial infrastructure, according to statements released by both companies on Sunday. The partnership begins with a proof of concept designed to test overseas remittance and settlement infrastructure on the Solana network.
Toss Bank already operates an international remittance service covering 30 countries and seven major currencies, making the pilot an attempt to upgrade an existing product rather than launch a standalone crypto offering.
BREAKING: Toss Bank is set to use Solana for its global remittance and settlement PoC.
The South Korean bank’s 15 million customers will be able to experience faster, more cost-effective global digital finance with Solana. pic.twitter.com/fSdOUFWKL0
— Solana (@solana) June 22, 2026
The first phase of the project will assess the technical feasibility of stablecoin-powered transfers over Solana. Later stages are expected to involve overseas partners and examine compliance requirements, including Anti-Money Laundering and Know Your Customer (KYC) procedures.
Toss Bank and the Solana Foundation will also review blockchain-based payment and settlement models and explore whether stablecoins, digital assets, and tokenized assets can support additional financial services.
Park Jin-hyeon, head of strategy at Toss Bank, described the agreement as a starting point for applying blockchain infrastructure to services the bank already operates. He said the companies aim to determine whether blockchain infrastructure can reduce costs and improve transfer speeds for Toss customers.
Lily Liu, chair of the Solana Foundation, said the collaboration could help establish a new benchmark for international transfers by combining banking infrastructure with blockchain settlement.
The timing of the pilot coincides with increasing interest among South Korean financial companies in stablecoin-based payments and remittances. In May 2026, KB Financial Group completed a proof of concept involving a won-backed stablecoin, testing merchant settlements, offline QR payments, and remittances to Vietnam.
Toss Bank said it plans to review broader applications for blockchain infrastructure while responding to domestic efforts to legislate stablecoin-related activities. South Korean authorities are also preparing a licensing framework for cross-border virtual asset transfer services scheduled to take effect in December.
The Solana Foundation has previously announced collaborations with Shinhan Card and Hanwha Asset Management, though none have progressed to a publicly launched consumer service. Toss Bank hasn’t announced a launch date for a commercial remittance product, and the current agreement is limited to testing and feasibility reviews.
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