The Solana Foundation and Toss Bank signed a Memorandum of Understanding Thursday to collaborate on blockchain-based remittance and settlement infrastructure. The deal marks the first direct partnership between a South Korean internet-only bank and the Solana ecosystem. Toss Bank, the country's third-largest digital lender with 15 million customers, already runs an overseas remittance service covering 30 countries and seven major currencies.
What the MOU covers
The agreement spans four areas: a proof of concept for global remittance and settlement on Solana; joint research into blockchain-based payment models; exploration of stablecoin and digital asset services; and a long-term cooperation framework covering AML and KYC compliance. The immediate work is the PoC; everything else depends on how that pilot shakes out.
Toss Bank's crypto play
Toss Bank's parent, Viva Republica, is targeting a U.S. IPO this year at a valuation above $10 billion. The company has raised over $1.2 billion from backers including GIC, Sequoia China, and Kleiner Perkins. Jin-hyun Park, head of strategy at Toss Bank, said the partnership will launch a phased pilot within existing services, aiming to deliver quicker and more economical global digital finance via Solana's infrastructure.
Solana's Korea push
The Solana Foundation has been building ties in Korea. It previously signed an MOU with local firm Wavebridge to develop a KRW-pegged stablecoin for institutional use. The Toss Bank deal is part of a broader Korea strategy. Solana's technical pitch for remittance hinges on sub-second finality and low transaction fees — a natural fit for cross-border payments.
SOL was trading around $74 on the announcement, with volume up 8% over 24 hours. But concurrent US-Iran peace talks make it hard to pin that move solely on the MOU.
The proof of concept will determine whether the deeper initiatives — stablecoin services, new payment models — move forward. No timeline for the pilot's completion has been disclosed.
