Toss Bank to Pilot Solana Stablecoin Remittances for 15M Users
Toss Bank signed an MOU with the Solana Foundation to pilot stablecoin cross-border remittances for about 15 million customers, beginning with a proof-of-concept test.
Toss Bank signed a memorandum of understanding with the Solana Foundation in Seoul on June 19 to pilot stablecoin-powered cross-border remittances for roughly 15 million customers. Toss Bank called it the “first direct strategic cooperation agreement between a South Korean internet-only bank and the Solana Foundation.” The MOU is non-binding and launches a proof of concept to test stablecoin transfers on Solana as a settlement layer.
Under the agreement, Toss will manage the banking service and customer experience for the trial while the Solana Foundation will provide the blockchain infrastructure for settlement-related functions. The initial phase will focus on moving dollar- and other currency-pegged tokens across borders and on integrating such transfers into existing remittance workflows.
The trial will test transfer speed, costs and whether Solana-based stablecoin settlements can meet South Korean regulatory compliance, settlement and consumer-protection standards applied to regulated financial institutions. Stablecoins can settle in seconds, while traditional wire transfers often take days and involve correspondent-banking fees.
If the proof of concept meets technical and regulatory requirements, Toss could develop a live remittance product built on the network. The MOU does not commit either party to a rollout beyond testing.
The agreement follows recent Solana engagements with a major Korean card issuer and a global remittance firm that issued a Solana-based stablecoin. Supporters cite low fees and high transaction capacity; critics note that past network outages raise questions about using public blockchains for mission-critical banking infrastructure.
Toss is South Korea’s third-largest internet-only bank and serves about 15 million customers through its mobile app. The first phase of the pilot will assess how Solana-based stablecoin settlements operate alongside existing regulatory controls and banking processes before any wider deployment.
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