Solana Foundation has signed a memorandum of understanding with South Korea's Toss Bank to test whether stablecoin transfers on blockchain rails can replace the slower and more expensive systems banks still use for cross-border payments. The agreement was signed in Seoul on June 19 and disclosed publicly on June 22 through the Foundation's official X account.
Toss Bank described the deal as the first direct strategic cooperation agreement between a South Korean internet-only bank and the Solana Foundation. The initial stage is a proof-of-concept, meaning the work is centered on real testing inside a banking setting rather than a headline-only partnership.
Remittance and settlement are at the center of the pilot
According to the disclosed scope, the two sides will examine stablecoin-based overseas remittances on the Solana network, cross-border settlement infrastructure built on blockchain rails, broader digital asset and tokenized finance use cases, and preparation for South Korea's upcoming stablecoin rules.
Toss Bank is not a niche startup. The source describes it as South Korea's third-largest internet-only bank, while the broader Toss app is one of Asia's most-downloaded financial apps with millions of users and meaningful daily transaction volume. That gives the pilot weight inside a regulated financial setting.
Why Solana was selected
The source points to three practical reasons behind the choice of Solana. The network can process thousands of transactions per second, fees remain below $0.01, and it already supports large daily stablecoin transfer volume, especially in USDC and USDT. For a remittance trial, those metrics matter immediately.
The report also places the Toss Bank agreement alongside other recent Solana developments, including a spot ETF filing, $7.19 billion in weekly spot volume that surpassed Coinbase, and 285,971 RWA holders across the network. In that context, the bank pilot adds another institutional signal tied to Solana's infrastructure use case.
What the market should watch next
The proof-of-concept phase is now underway. Both parties will measure how stablecoin transfers perform in a live banking environment. If the pilot works as intended, the partnership could move into broader payment applications, digital asset services, and tokenized financial products. The next concrete milestone is whether the two sides publish pilot results or expand the MOU into a full implementation agreement.