Toss Bank in South Korea has started a blockchain pilot with the Solana Foundation, with the first phase centered on stablecoin-based cross-border remittances on Solana. The project begins as a proof of concept and may later broaden into payments, digital assets, and tokenized financial services.
The internet-only bank said the two sides signed a memorandum of understanding to study how blockchain infrastructure could be integrated into its existing financial services. Toss Bank already offers overseas remittance services in 30 countries and supports seven major currencies, so the pilot is aimed at testing whether blockchain rails can improve settlement efficiency and lower costs for users.
Initial testing centers on stablecoin remittance infrastructure
In the opening phase, teams from Toss Bank and the Solana Foundation will review technical feasibility, transaction performance, and the operational requirements needed to run a stablecoin remittance model. The scope is limited for now. The purpose is to determine whether the setup can move beyond internal testing into broader trials.
Later stages are expected to bring in overseas partners and expand the work past internal evaluation. Toss Bank also plans to examine anti-money laundering and know-your-customer procedures as part of the pilot, reflecting the need to align any blockchain-based remittance model with financial compliance standards.
Toss Bank ties blockchain work to a wider digital finance plan
Jin-hyun Park, Head of Strategy at Toss Bank, described the collaboration as the start of a phased effort to apply blockchain-based digital financial infrastructure to the bank’s services. He said the goal is to deliver faster and more cost-efficient global financial experiences to Toss Bank’s 15 million customers.
Beyond remittances, the two organizations will review blockchain-based payment and settlement models and study opportunities tied to stablecoins and other digital asset services. Toss Bank also said it wants to respond proactively to legislative developments related to stablecoins, treating regulatory readiness as part of its long-term digital finance strategy.
South Korean financial firms are still largely in evaluation mode
The pilot arrives while South Korea continues shaping policy around stablecoins and digital assets. Interest from financial institutions has grown, but many blockchain initiatives in the country are still in testing as firms wait for clearer rules.
The Solana Foundation has already entered proof-of-concept partnerships with major South Korean financial companies, including Shinhan Card and Hanwha Asset Management, though those projects have not moved beyond the evaluation stage. For Toss Bank, cross-border remittances are only the first use case under review, with payments, digital assets, and tokenized assets also on the list for future assessment.