A Korean bank with 15 million users is testing Solana for remittances

Toss Bank and @SolanaFndn Sign First Direct MOU

South Korea's @toss__official, the country's third-largest internet-only bank with roughly 15 million customers, has signed a memorandum of understanding with the Solana Foundation (@SolanaFndn) to test stablecoin-based cross-border remittance infrastructure on the $SOL network. The agreement was signed in Seoul on June 19 and publicly disclosed on June 22, and marks the first direct strategic partnership between a South Korean internet-only bank and the Solana Foundation.

The initial phase centers on a proof of concept for global remittance and settlement. Toss Bank will evaluate whether stablecoins running on Solana can deliver faster and cheaper overseas transfers while fitting into existing banking workflows. Beyond remittances, the two sides will jointly review blockchain-based payment and settlement models and assess potential applications in digital assets and tokenized real-world assets.

Why Solana, and What It Means

The appeal of a public chain for remittances is straightforward. Cross-border transfers routed through correspondent banking can take days and accumulate fees at each hop. A public chain settles in seconds and presents one transparent cost layer rather than several hidden ones. Stablecoins sit naturally on top of that structure, moving value across borders while the network handles final settlement, sidestepping the pre-funded nostro accounts that make traditional remittance corridors slow and capital-heavy.

Solana Foundation chair Lily Liu said the partnership could help set a new standard for global remittances by combining the trust of traditional banking with the efficiency of blockchain. Park Jin-hyeon, Head of Strategy at Toss Bank, called the deal a starting point for applying blockchain infrastructure to services the bank already operates.

The partnership fits into a broader pattern of Korean financial institutions engaging with Solana. Earlier this year, the Solana Foundation partnered with Shinhan Card on a separate proof of concept for stablecoin payments. In May, Western Union launched its USDPT stablecoin on the same network for regulated payment settlement. The Toss announcement also comes as parent company Viva Republica prepares for a US IPO in 2026 at a valuation above $10 billion, giving the blockchain partnership additional strategic weight as the firm pitches its roadmap to international investors.

For now, the deal is a pilot, not a product launch. No stablecoin, corridors, or go-live timeline have been confirmed. South Korea's Digital Asset Basic Act, which would establish a formal framework for stablecoin issuance and won-pegged tokens, remains under committee review, with the Bank of Korea and the Financial Services Commission still at odds over issuer eligibility rules. The proof of concept will need to clear those regulatory hurdles before any live settlement on a public chain becomes a realistic prospect for a Korean retail bank.

Sources:
Korea Herald: Toss Bank partners with Solana Foundation on blockchain remittances
Crypto Times: South Korea's Toss Bank and Solana Partner to Test Stablecoin Remittances
CoinDesk: South Korea proposes comprehensive digital asset law including stablecoin rules