South Korea’s Toss Bank and the Solana Foundation signed a memorandum of understanding to establish blockchain-based financial infrastructure. In the first phase, partners will launch a pilot project on cross-border transfers in stablecoins to make international payments faster and cheaper for the bank’s 15 million customers.

In the future, Toss Bank plans to attract foreign partners and implement AML and KYC procedures, as well as explore new payment models based on digital assets. The Bank intends to expand the use of blockchain in payments and tokenized assets as regulatory regulations adapt.

The Solana Foundation already has experience with Korean companies Shinhan Card and Hanhwa Asset Management, but their projects are still being tested due to ongoing cryptolegislation. Earlier in May, another major South Korean financial group, KB Financial, successfully completed testing a stablecoin pegged to national currency.