Toss Bank has taken a major step toward blockchain-powered cross-border payments by signing a memorandum of understanding with the Solana Foundation to test Solana-based rails for global remittance and settlement. The agreement was signed in Seoul on June 19 and publicly disclosed on June 22.
Under the deal—described by Toss as the first direct one-to-one strategic partnership between a South Korean internet-only bank and the Solana Foundation—the two organizations will explore how the Solana network can support overseas transfers, payments and, later, digital asset services. The initial focus is a proof of concept (PoC) to see whether stablecoins can speed up and simplify international transfers while integrating closely with existing banking flows. Toss Bank’s roughly 15 million customers are expected to be the eventual beneficiaries if trials succeed.
Toss said the collaboration will include a joint review of blockchain-based payment and settlement models and an assessment of future services tied to stablecoins, other digital assets and tokenized assets. Park Jin-hyeon, Toss Bank’s head of strategy, called the MOU a “starting point” for bringing blockchain-based financial infrastructure into the bank’s current service lineup.
The timing of the partnership overlaps with regulatory developments in South Korea. Seoul is weighing whether fintech firms should be included in a new licensing regime for cross-border virtual-asset transfers that is due to take effect in December. That shift could determine which firms can offer blockchain-based overseas transfers and foreign exchange services under formal oversight, and Toss says it will align its plans with any new stablecoin rules introduced domestically.
Toss’s move follows a wave of bank-linked stablecoin experiments across Asia. KB Financial has run tests around a won-denominated stablecoin for issuance, offline QR payments, merchant settlement and remittances to Vietnam—reportedly completing a Vietnam transfer in under three minutes while cutting fees by roughly 87%. Japan’s SBI Remit has also partnered with Fasset to build cross-border stablecoin infrastructure for remittances and settlements.
The broader Toss group has previously explored its own blockchain options—including a bespoke Layer 1/Layer 2 and a potential native token as part of a “Money 3.0” stablecoin strategy—so this MOU with Solana gives Toss Bank an alternative route to experiment with public-chain infrastructure before any wider rollout.
For Solana, the partnership adds another institutional partner to its payments and stablecoin ecosystem. The network has already drawn interest from established players: Western Union launched USDPT on Solana in May for regulated payment-stablecoin settlement and prospective customer services. Lily Liu, chair of the Solana Foundation, said the Toss collaboration could help establish “a new standard” for faster, smoother global remittances by combining the trust of banks with blockchain efficiency.
Importantly, the MOU initiates testing and feasibility studies—not a live stablecoin remittance product. The next hurdles are regulatory approval in Korea, demonstrable reductions in transfer friction and a seamless fit with Toss Bank’s existing services. Toss has not announced a public launch date.
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