Toss Bank Picks Solana for Stablecoin Remittance PoC Ahead of Parent's $20B IPO 🇰🇷

The Solana Foundation has signed a Memorandum of Understanding with Toss Bank, South Korea's third-largest internet-only bank, to run a proof-of-concept for cross-border remittance and settlement on the Solana network, with stablecoins and real-world asset tokenization to follow in later phases. The agreement, announced this week, marks the first direct collaboration between a South Korean internet-only bank and the Solana ecosystem.

Under the MOU, Toss Bank will first test global remittance and settlement infrastructure built on Solana and evaluate the use of stablecoins for overseas transfers. Subsequent phases will examine payments, digital assets and tokenized RWA applications, according to both parties. Solana's faster finality and lower transaction fees were cited as reasons for its suitability to high-volume, instant settlement use cases.

The partnership lands as Toss Bank's parent company, Viva Republica, moves toward a US initial public offering reported to target a valuation near $20 billion. Toss Bank itself had previously been linked to a domestic listing, though those plans were shelved as Korean authorities tightened scrutiny of financial-sector IPOs. The Solana tie-up adds a blockchain infrastructure dimension to the group's broader fintech positioning.

South Korea's regulatory environment has hardened in recent quarters, with watchdogs tightening oversight of internet-only banks, stablecoin issuers and tokenization schemes. Toss Bank's engagement with a public blockchain network through a formal MOU signals measured institutional experimentation rather than full-scale production deployment, and the proof-of-concept stage is expected to precede any consumer-facing rollout.

No financial terms of the agreement were disclosed, and the parties did not specify a timeline for the remittance PoC or subsequent tokenization work. The Solana Foundation and Toss Bank said they would release further details as the proof-of-concept progresses.