Overview
- Toss Bank and the Solana Foundation signed a memorandum of understanding on June 19 in Seoul to run a phased proof-of-concept for cross-border remittances and settlement on the Solana network.
- The initial phase will test technical feasibility by measuring speed, transaction cost, and how Solana-based stablecoin flows can integrate with Toss Bank’s existing payment rails.
- The project is explicitly exploratory and not a live consumer product, with Toss Bank treating the work as a feasibility review rather than an immediate commercial launch.
- Later stages will add overseas partners and formal compliance checks, including anti-money-laundering and know-your-customer procedures, as Toss monitors South Korea’s expected December licensing for cross-border virtual-asset transfers.
- The pilot joins a wave of Asian bank and payments tests that have reported big time and fee savings and gives Solana another institutional payments use case alongside trials by KB Financial, Western Union and others.