Toss Bank has signed an MoU to use Solana for stablecoin remittance

South Korea’s internet-only bank Toss Bank has signed an MoU with the Solana Foundation to build and test cross-border remittance infrastructure on Solana.

The deal will be a starting point for the third-largest Korean internet bank to gradually integrate blockchain-based digital financial infrastructure into all of its financial services, Park Jin-hyeon, head of strategy at Toss Bank, said in a report on Monday.

Toss Bank plans to move through these in phases, starting with overseas remittances before expanding into payments, digital assets, and tokenized real-world assets.

Toss Bank signs Solana partnership to test blockchain remittances

The MOU lays out three areas of cooperation between the bank and the Solana Foundation. 

The initial phase will focus on a proof of concept for global remittance and settlement. The plans at this stage will be to assess whether stablecoins can reduce the cost and speed of overseas transfers.

Both firms will also explore a joint review of blockchain-based payment and settlement models, and lastly assess the application of stablecoin and digital assets in financial services.

“We will work together to build a future where Toss Bank’s 15 million customers can experience faster and more cost-effective global digital finance with Solana,” said Jin-hyeon

The MoU with Toss Bank marks yet another major South Korean financial institution partnering with the Solana Foundation. As recently as April, the Solana Foundation partnered with South Korea’s Shinhan Card for a PoC project to test a real-world payment system using stablecoins on Solana.

Toss Bank’s parent eyes US IPO

More interestingly, Toss Bank’s plans for blockchain-based stablecoin remittances come as the parent firm Viva Republica is preparing for a US initial public offering (IPO) in 2026, targeting a valuation above $10 billion. 

The Solana partnership adds a blockchain dimension to Toss’s product roadmap as the company pitches itself to American investors.

South Korea’s crypto market continues to expand under tightening regulations. Just last week, South Korean authorities announced plans to subject cross-border crypto transfers to formal foreign exchange oversight, with registration starting in December 2026. 

Among other things, the authorities will require that the Travel Rule, which mandates exchanges to verify and share sender and recipient information during transfers, apply to both the sending and receiving VASPs. 

The rule’s scope will then also extend below existing minimum thresholds, covering even small-value transactions, Cryptopolitan reported. 

With the changing crypto regulatory landscape in Korea, Toss Bank now “plans to proactively respond to domestic legislative trends regarding stablecoins” going forward. 

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