Toss Bank and Solana Foundation have launched a pilot cross-border remittance project to test the international transfer infrastructure based on block chains to assess the suitability of stable currency for overseas remittances and settlements.
Cooperation signed in Seoul on 19 June
The cooperation agreement was signed in Seoul on 19 June and Solana will be used for the bottom-up network. According to the disclosure, the focus of the pilot is not on new products that are directly online, but on first verifying the viability of a stable currency in a bank ' s cross-border payment process.
The article mentions that the test was conducted around two main issues: whether the cost of cross-border transfers could be reduced, and whether the time at which funds would arrive could be reduced. For banks, such tests also help prepare for the gradual development of regulations to stabilize currency.
Focus on assessing remittance and settlement efficiency
Cross-border payments have been subject to higher fees and long processing chains. Banks may be more resilient in terms of speed and cost if they are able to cover part of the transfer and settlement chain by stabilizing currency and public-chain networks.
The core of this cooperation remains the validation phase, with current disclosures focused on infrastructure testing rather than large-scale commercial user-oriented arrangements. The parties will complete the conceptual validation before deciding on the scope of the follow-up.
Then we'll expand the financial scene.
After the initial testing, Toss Bank and Solana Foundation will also assess broader application directions, including payments, digital assets and tokenized financial services.
This means that, if the pilots move forward, the scope of the follow-up discussion may extend beyond remittances to a more complete chain of financial services. However, at present, the public information remains focused on test objectives and application directions and no specific timetable or product details have been disclosed.