South Korea’s third-largest digital bank Toss Bank will test with Solana whether stablecoins can be used for overseas remittances.
Toss Bank, South Korea’s third-largest internet-only bank, signed a strategic memorandum of understanding with the Solana Foundation, the non-profit behind Solana‘s ecosystem, to explore stablecoins and tokenized real-world assets (RWAs), according to a statement on Solana’s X account.
As Korean news outlets reported, the first step under the agreement will be a proof-of-concept pilot for global remittance and settlement infrastructure using the Solana network.
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Toss Bank will review whether Solana’s infrastructure can be added to its existing financial services, starting with overseas remittances, though no launch timeline has been disclosed.
The collaboration also includes a joint review of blockchain-based payment and settlement models, along with possible uses for stablecoins and tokenized assets.
Solana Pushes Bank Use Case
Park Jin-hyeon, head of strategy at Toss Bank, said the collaboration is a starting point for gradually applying blockchain-based financial infrastructure to services the bank already operates.
In the meantime, Lily Liu, chair of the Solana Foundation, said the deal could help create a faster global remittance experience by combining trust from traditional finance with blockchain.
But the deal doesn’t mean Toss Bank is launching a stablecoin remittance product yet. For now, it is a proof-of-concept agreement, with payments and other services left for later review.
Despite that, the price of Solana rose 1.4% on the day, making it the top gainer among the 10 largest tokens by market capitalization as all the other tokens stayed flat amid Bitcoin’s stagnation, according to Bitcoin Foundation’s price tracking page.
Read more: Memecoins Lost $110B Since 2024 Peak: Pump.fun Crashes 80%, Solana Loses Fees
