Toss Bank Solana partnership has just been announced. South Korea’s third-largest internet-only bank signed a Memorandum of Understanding with the Solana Foundation.
Consequently, the bank will use Solana for its cross‑border remittance and settlement proof of concept (PoC). Specifically, this explores stablecoin integration, payments, and RWA tokenization in phases.
Why the Toss Bank Solana partnership matters
Toss Bank will test global remittance and settlement infrastructure based on the Solana network. Additionally, the bank will assess the potential use of stablecoins in overseas remittances.
This marks the first direct collaboration between a South Korean internet‑only bank and the Solana ecosystem. After remittances, the Solana Foundation and Toss Bank will work on further plans. Specifically, these plans include applying blockchain infrastructure to payments, digital assets, and tokenized RWA assets.
The collaboration will begin with a PoC focused on global remittances and overseas stablecoin transfers using the Solana blockchain. Notably, Solana’s faster finality and low fees make it particularly suited for high‑volume, instant settlement compared to traditional rails.
Bank’s IPO and crypto adoption
The deal comes as Toss Bank’s parent company Viva Republica prepares for a major US IPO in 2026. Specifically, the firm plans the IPO at a valuation of more than $10 billion. This follows strong growth and expanding services across banking, payments, and securities.
Toss Bank is also advancing its Web3 plans as South Korea continues to see growing crypto adoption and regulation. For example, South Korea plans to impose foreign exchange controls on crypto transfers starting in December this year.
The Toss Bank‑Solana MOU represents a significant step in bridging traditional finance with blockchain amid the global tokenization push. Therefore, this sets the stage for further adoption of crypto by South Korea’s TradFi.
SOL price reaction
SOL price rebounded amid the news and currently trades 2% higher at $74. The 24‑hour low and high are $72.38 and $74.75, respectively. Furthermore, trading volume has increased by 15% over the last 24 hours as US‑Iran peace talks advance.