Toss Bank is moving to test Solana-based infrastructure for global remittances and settlement, marking a notable step by a major South Korean internet-only bank toward blockchain-enabled financial services. The initiative centers on a proof of concept with the Solana Foundation and will examine whether stablecoins and digital asset infrastructure can support faster, lower-cost cross-border finance for the bank’s customer base.
Toss Bank Tests Solana for Global Remittances
Toss Bank signed a strategic memorandum of understanding with the Solana Foundation in Seoul on June 19, Digital Today reported, with the agreement focused on “blockchain-based next-generation financial infrastructure.” The signing took place at Toss’ Sinnonhyeon office in Seocho-dong, Seoul, and involved Park Jin-hyeon, head of strategy at Toss Bank, and Lily Liu, chair of the Solana Foundation.
Solana’s official X account framed the project as a global remittance and settlement test involving one of South Korea’s prominent digital banks. “BREAKING: Toss Bank is set to use Solana for its global remittance and settlement PoC. The South Korean bank’s 15 million customers will be able to experience faster, more cost-effective global digital finance with Solana.”
The proof of concept will assess how Solana’s network can be applied to overseas remittances and settlement infrastructure. For Toss Bank, the test is not being presented as a full commercial rollout, but as a step-by-step verification of whether blockchain rails can be integrated into existing financial services, beginning with cross-border transfers.
Stablecoin Settlement PoC Marks South Korean Bank First
Digital Today described the agreement as the first direct one-to-one strategic cooperation arrangement between a South Korean internet-only bank and the Solana Foundation. “Toss Bank is joining hands with the Solana Foundation to test blockchain-based global remittance infrastructure. It plans to verify whether stablecoins can be used in overseas remittances and later expand cooperation to next-generation financial services such as payments and digital assets.”
The cooperation areas include a Solana-based proof of concept for global remittance and settlement, a joint review of blockchain-powered payment and settlement models, and an assessment of potential financial services involving stablecoins and digital assets. Toss Bank also plans to review blockchain applications in payments, tokenized assets and other digital asset services while monitoring domestic moves in South Korea to legislate stablecoin-related rules.
Park Jin-hyeon said the cooperation is a starting point for gradually applying blockchain-based digital financial infrastructure to services Toss Bank already operates. Lily Liu said the collaboration could help establish a new standard for faster and smoother global remittance experiences by combining the trust of traditional finance with blockchain efficiency. The project places stablecoin settlement at the center of a bank-led infrastructure test, rather than treating digital assets as a separate retail trading product.
The Toss Bank-Solana proof of concept adds to the growing focus on stablecoin-based settlement among financial institutions seeking more efficient cross-border payment infrastructure. Its immediate significance lies in the controlled nature of the test: a regulated South Korean internet-only bank is examining blockchain rails for remittances first, with broader payments and digital asset use cases left for further review.
AI Transparency Note: This article was prepared with the assistance of an AI system based on the sources listed and was reviewed, edited, and approved by a human editor before publication. All quotes, data points, and factual claims are intended to be grounded in the cited source material; however, errors cannot be ruled out entirely.
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