Solana Lands Major South Korean Banking Partnership

Toss Bank and Solana Foundation Sign Remittance MOU

South Korean digital bank Toss Bank has signed a memorandum of understanding with the Solana Foundation (@solana) to test blockchain-based global remittance and settlement infrastructure using $SOL. The MoU was signed in Seoul on June 19 and officially disclosed on June 22. The bank described the deal as the first direct one-to-one strategic partnership between a South Korean internet-only bank and the Solana Foundation.

Toss Bank is South Korea's third-largest internet-only bank. The test is framed around faster and cheaper international transfers, plus stablecoin settlement, for a bank serving roughly 15 million customers. Park Jin-hyeon, Head of Strategy at Toss Bank, called the deal a "starting point" for applying blockchain-based financial infrastructure to services the bank already operates.

Stablecoins, Tokenization and What Comes Next

The initial focus will be a proof of concept for global remittances and settlement, with Toss Bank evaluating whether stablecoins running on the Solana network can deliver faster and cheaper overseas transfers while maintaining an experience that aligns with traditional banking workflows. Beyond remittances, the cooperation also covers a joint review of blockchain-based payment and settlement models, with the two sides set to assess future financial services tied to stablecoins, digital assets, and tokenized assets.

The distinction matters: a proof of concept proves a mechanism works under controlled conditions and does not commit a regulated bank to settling real customer money on a public chain immediately. 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.

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 partnership also arrives at a significant moment for Toss Bank's parent company. The deal comes as Toss Bank's parent company Viva Republica prepares for a major US IPO in 2026, with the firm planning the listing at a valuation of more than $10 billion amid strong growth and expanding services.

For the Solana ecosystem, this partnership adds another financial institution to its growing list of payments and stablecoin-related collaborations. In May, Western Union launched its USDPT stablecoin on Solana, using the network for regulated payment settlement.

Sources:
The Crypto Times: South Korea's Toss Bank and Solana Partner to Test Stablecoin Remittances
Crypto.news: South Korea's Toss Bank Tests Solana Rails for Global Payments
Digital Today: Toss Bank Pursues Global Remittance PoC with Solana