Toss Bank pilots Solana stablecoin proof of concept for remittances

Toss Bank has signed a memorandum of understanding with the Solana Foundation to run a phased proof of concept that evaluates stablecoin transfers and blockchain-based payment and settlement infrastructure. The work is described by both parties as a technical test and not a consumer-facing feature. Key details, including the stablecoin issuer, custody model, eligible users and launch timing, have not been disclosed.

The initial phase will focus on the technical feasibility of moving stablecoin transfers on the Solana network. Later stages are expected to cover integration with overseas partners and the design of anti-money-laundering and know-your-customer controls before any customer-facing product would be considered.

Toss plans to keep the customer relationship inside its own app rather than directing users to an external crypto wallet. Under that bank-led model, Toss would handle onboarding, compliance checks, customer support and product packaging while using public-chain settlement behind the scenes.

Toss already operates a live international remittance service launched in January that supports seven major currencies across about 30 countries and presents transfers as fiat bank-to-bank payments. Selected corridors offer near-real-time transfers and tracking. Any Solana-based option would be measured against that existing product on cost, speed, corridor coverage, partner reach and operational reliability.

Operational work remains before a stablecoin settlement option could reach customers. Toss would need cash-in and cash-out partners, custodial arrangements, receiving-side institutions, dispute-handling procedures, treasury processes and AML/KYC systems that meet regulators in each market. Technical feasibility is the first step; partner integration and compliance design would follow.

South Korea’s regulatory framework for stablecoins and bank involvement in digital assets is not finalized. Authorities have discussed bank-centered stablecoin issuance and broader digital-asset legislation, but issuer rules and the contents of upcoming laws remain unresolved. Regulatory uncertainty is a material constraint for any bank-led stablecoin remittance product originating in the country.

On-chain activity on Solana shows substantial stablecoin liquidity, with tens of billions of dollars circulating on the network and one major dollar-pegged token holding the largest share. On-chain liquidity alone does not create a functioning remittance product, which also requires real-world cash rails and compliant counterparties on both sides of a transfer.

Park Jin-hyun, Toss Bank’s head of strategy, described the collaboration as “a first step toward integrating blockchain-based digital infrastructure into existing financial services.” Solana Foundation President Lily Liu said the partnership could “help set new standards for international remittances by combining the trust of traditional finance with the efficiency of blockchain technology.”

The next material disclosures to watch are the identity of any stablecoin issuer, the first settlement corridors and overseas partners, custody arrangements and the specific AML/KYC processes Toss plans to apply. Those details will indicate whether the work remains an infrastructure experiment or moves toward an option customers can select inside Toss’s existing remittance product.