South Korea's first internet-only bank, Toss Bank, has entered a strategic partnership with the Solana Foundation to test stablecoin-based cross-border remittance infrastructure. The agreement was signed in Seoul on June 19 and disclosed on June 22. It marks the first direct one-to-one strategic agreement between a South Korean internet-only bank and the Solana Foundation.
Phase One: Proof of Concept
The initial focus is a proof-of-concept project for cross-border remittances and settlement. Toss Bank will evaluate whether stablecoins on the Solana network can improve overseas transfer processes while remaining compatible with existing banking services. No live remittance product has been launched; the project is limited to testing and feasibility reviews.
Exploring Payments, Settlement, and Digital Assets
Beyond the remittance pilot, the partners will jointly review blockchain-based payment and settlement models. They will also study how stablecoins, digital assets, and tokenized assets could fit into future financial services. Toss Bank plans to gradually examine blockchain infrastructure across multiple business areas.
Regulatory Landscape in South Korea
The project arrives as South Korea reviews new rules for digital asset services. Authorities are considering a licensing framework for cross-border virtual asset transfers that could take effect in December. Toss Bank said it will evaluate the project while responding to domestic discussions surrounding stablecoin legislation. Regulatory developments could shape how blockchain-based remittance services evolve in the country.
Asia's Stablecoin Momentum Grows
The partnership follows a wave of stablecoin initiatives across Asia. KB Financial tested won-denominated stablecoin issuance, merchant settlement, offline QR payments, and remittances to Vietnam. Japan's SBI Remit partnered with Fasset to develop stablecoin infrastructure for international remittances. Toss Bank itself has explored Layer 1 or Layer 2 networks tied to its Money 3.0 strategy.
Another Institutional Win for Solana
For Solana, the deal adds another institutional payments initiative. Lily Liu, chair of the Solana Foundation, said the collaboration aims to explore faster and smoother remittance experiences by combining traditional banking infrastructure with blockchain technology. Park Jin-hyeon, Head of Strategy at Toss Bank, described the agreement as a starting point for applying blockchain-based financial infrastructure to existing services.