Toss Bank tests Solana stablecoin for remittances

Toss Bank has signed a memorandum of understanding with the Solana Foundation to run a proof of concept that tests stablecoin transfers on the Solana blockchain for international remittances. The work attaches public-chain settlement to the bank’s remittance app used by roughly 15 million customers. The initial phase will test technical feasibility, not a consumer rollout.

The agreement covers a phased proof of concept for payment and settlement systems using blockchain technology and includes study of services that would link stablecoins or other digital assets to Toss Bank’s remittance flows. The parties have not set a retail launch date and have not named a stablecoin issuer, specific tokens, custody arrangements or which customers would be eligible if the trial advances.

Under the bank-led model, Toss Bank would keep the customer relationship inside its regulated app while settlement could occur on a public blockchain. Toss would remain responsible for onboarding, compliance checks, customer support and how the product is presented to users.

The bank plans to measure whether on-chain settlement can reduce costs, speed transfers, expand corridor coverage or improve operational reliability compared with its current fiat-based remittance service. The first phase is purely technical. Later stages are expected to address partner integration, anti-money-laundering and know-your-customer procedures, and coordination with overseas counterparties.

Cross-border transfers require cash-in and cash-out rails, correspondent partners or local payout providers, dispute resolution processes, treasury handling and regulatory approval in each market. The proof of concept must connect the blockchain settlement layer to those existing payment and compliance systems.

Toss Bank already offers an international remittance product launched in January that supports seven major currencies across about 30 countries and provides near-real-time transfers and tracking for selected corridors. That live service presents payouts to users as fiat bank transfers and will serve as a baseline for any comparison with a Solana-settled option.

South Korea’s regulatory framework for bank-centered stablecoin issuance has been discussed by authorities this year, but issuer rules and other details have not been finalized. Toss Bank and the Solana Foundation will need to align any live remittance offering with local rules and with compliance frameworks in recipient countries before allowing retail flows.

Solana currently hosts substantial stablecoin liquidity, with tens of billions of dollars circulating on the network and USDC holding the largest share. Network liquidity is one factor for settlement tests, but it does not replace the need for on-the-ground payment partners and compliance infrastructure.

Park Jin-hyun, Toss Bank’s head of strategy, described the partnership as an initial phase of integrating blockchain-based digital infrastructure into existing financial services. Lily Liu, president of the Solana Foundation, commented that the collaboration could help set new standards for international remittances by combining the trust of traditional finance with the efficiency of blockchain technology.

Future disclosures that would enable a customer-facing product include the identity of any stablecoin issuer, the first geographic corridor to be tested, partner banks or payout firms, custody arrangements and the planned compliance architecture. Those items must be resolved before a Solana-based option could be added to Toss Bank’s live remittance menu.