Toss Bank and Solana launch blockchain remittance pilot
6.5 Banking Toss Bank and Solana Foundation are piloting stablecoin-based remittance, aiming for faster, cheaper cross-border payments and exploring broader blockchain financial services.
South Korea’s Toss Bank has formed a strategic partnership with the Solana Foundation to develop and test blockchain-based global remittance and settlement infrastructure. The agreement, signed in Seoul on June 19 and announced on June 22, marks the first direct collaboration between a South Korean internet-only bank and the Solana Foundation. The initial phase will focus on a proof of concept for stablecoin-powered overseas transfers, aiming to deliver faster and more affordable cross-border transactions for Toss Bank’s 15 million customers. Toss Bank will oversee banking operations and user experience, while Solana provides the blockchain infrastructure for efficient settlement. The partnership will also explore integrating compliance processes such as AML and KYC, and may expand to include digital asset services and tokenized assets. This collaboration underscores growing institutional interest in blockchain technology within traditional banking and could accelerate blockchain adoption in South Korea’s financial sector.
