Toss Bank tests Solana remittances for 15M

• Toss Bank signed a memorandum of understanding with the Solana Foundation to test blockchain-based cross-border remittances.
• The proof of concept could eventually serve Toss Bank's roughly 15 million customers with faster international transfers.
• The trial will assess whether stablecoin payments can meet banking, compliance and consumer protection requirements.

Toss Bank, South Korea's third-largest internet-only bank, signed a memorandum of understanding with Solana (CRYPTO:SOL) to test stablecoin-powered cross-border remittance infrastructure for its approximately 15 million customers.

The agreement follows other Solana partnerships this year, including initiatives involving Shinhan Card and Western Union focused on blockchain-based payments and settlements.

The bank described the arrangement as the first direct strategic cooperation agreement between a South Korean internet-only bank and the Solana Foundation.

Under the proof of concept, Toss Bank will manage banking services and customer experience functions while the Solana Foundation will provide blockchain settlement infrastructure for the trial.

The project will examine whether stablecoin transfers can integrate with existing remittance systems while meeting compliance, settlement and consumer protection requirements, while Following the announcement the Solana price was unchanged at US$150.84.

Stablecoins have gained attention in cross-border payments because transactions can settle within seconds and may reduce costs associated with traditional correspondent banking networks.

The memorandum is non-binding, but it signals that Toss Bank is evaluating public blockchain technology as a potential foundation for future international money transfer services.

At the time of reporting, Solana price was $71.92.