Solana News: Toss Bank to Test Solana Remittances and Stablecoin Settlement in South Korea

TLDR

• Toss Bank signed an MOU with the Solana Foundation on June 19.
• The bank will test Solana-based global remittance and settlement systems.
• Toss Bank serves about 15 million customers in South Korea.
• The project will assess stablecoin use in overseas remittances.
• SOL rebounded from $68.46 to $74.27 after a TD Sequential buy signal.

South Korea’s Toss Bank signed a memorandum of understanding with the Solana Foundation to test Solana-based global remittance and settlement infrastructure, adding another bank-led project to the growing use of stablecoins in cross-border payments.

The agreement was signed in Seoul on June 19 and disclosed on June 22, according to Digital Today. Toss 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 and serves about 15 million customers. The bank said the initial work will focus on a proof of concept for overseas remittances and settlement using Solana, before any broader review of digital assets, payments or tokenized assets.

Toss Bank Starts With Solana Remittance Testing

The first phase of the partnership will examine whether Solana-based infrastructure can support faster and more cost-effective global remittances while remaining close to existing banking processes. Toss Bank said the work will include testing payment and settlement models built on blockchain infrastructure.

The bank also plans to assess the potential use of stablecoins in overseas remittances. Stablecoins are increasingly being tested by banks and fintech firms because they can settle quickly, operate across borders and reduce reliance on older correspondent banking rails.

Park Jin-hyeon, head of strategy at Toss Bank, said the partnership marks a starting point for applying blockchain-based financial infrastructure to services the bank already provides. The statement indicates that Toss Bank is treating the project as a feasibility review rather than an immediate commercial launch.

The Solana Foundation also positioned the project as part of the network’s payments strategy. Lily Liu, chair of the Solana Foundation, said the partnership could help create a new standard for faster global remittances by combining bank trust with blockchain-based settlement.

South Korea Rules Shape Stablecoin Timing

The timing of the Toss Bank and Solana partnership comes as South Korea prepares new rules for virtual asset transfer services. Regulators have been considering whether fintech firms should join a licensing regime for cross-border virtual asset transfers due to take effect in December.

That policy direction may affect banks and fintech companies exploring blockchain-based remittances. Firms that receive approval could offer overseas transfers and related foreign exchange services under formal supervision, depending on final regulatory details.

Toss Bank said it will review its plans while responding to domestic legislative work related to stablecoins. The bank’s approach suggests that any future rollout will depend on whether the proof of concept meets compliance, operational and customer-protection requirements in South Korea.

The project also follows broader interest from the Toss group in blockchain-based finance. Earlier reports said the group had considered a custom Layer 1 or Layer 2 network and a native token as part of a “Money 3.0” stablecoin strategy. The Solana agreement gives Toss Bank a public blockchain path for testing before wider product decisions are made.

Solana Adds Another Bank Payment Use Case

The partnership gives Solana another financial institution use case in payments and stablecoin settlement. The network has increasingly been used in pilot projects tied to faster transfers, digital dollars and cross-border payment rails.

Western Union recently launched USDPT on Solana, using the network for a regulated payment stablecoin tied to settlement and future customer services. Other stablecoin remittance tests have also expanded in Asia, including KB Financial’s won stablecoin trial and SBI Remit’s partnership with Fasset.

KB Financial tested won stablecoin issuance, offline QR payments, merchant settlement, and Vietnam remittances. In that pilot, the Vietnam transfer reportedly finished in under three minutes and reduced fees by about 87%.

Where Is the SOL Price Heading?

The Solana price has also remained in focus after SOL recovered 8.40% from $68.46 to $74.27 following a TD Sequential buy signal, according to analyst Ali Martinez.

Source: X

However, the token is now facing short-term resistance, with traders watching whether buyers can hold support after the recent rebound.

A sustained move above the $74 to $76 area could strengthen the recovery case, while failure to clear that range may return attention to lower support near $69 and $64.

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