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FollowingViva Republica, operator of South Korea\'s mobile money transfer application Toss, has reportedly signed a memorandum of understanding with blockchain company Optimism, planning to test a Korean won-based stablecoin infrastructure for institutional payments.
Yonhap News Agency reported on Wednesday that the two companies will work with privacy solution provider Sunnyside Labs to use Optimism\'s OP Stack and Sunnyside\'s Privacy Boost protocol to conduct a three-month proof-of-concept (PoC) to develop a Korean won-based stablecoin and assess whether these technologies can be applied to financial institutions \'domestic blockchain payment infrastructure.
This proof-of-concept will explore whether financial institutions can control the settlement process, the feasibility of implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) verification requirements, and whether transactions on public blockchain ledgers can maintain privacy.
reported that Toss plans to use the three-month proof-of-concept as the basis for building a compliant stablecoin payment infrastructure in the country.
![](\"/d/file/20260709/a8f628027ac411f19ea2b80d425f811e.png\")
Toss application home page. Source: Toss.im
Optimism will provide blockchain infrastructure, while Sunnyside Labs will provide privacy-protecting technology to hide transfers. Sunnyside is the core developer of Optimism Collective and has been building the core OP Stack infrastructure.
Seoul-based Toss was launched in 2015 and its mobile app claims to have more than 30 million users.
Payments giant tests stablecoins to improve settlement
Toss\'s proof-of-concept follows similar stablecoin initiatives by other large financial institutions in the country.
In late April, Shinhan Card, one of South Korea\'s largest credit card providers, partnered with the Solana Foundation to test the commercial feasibility of stablecoin payments and unmanaged wallets, after completing a joint pilot project earlier that month. Shinhan Card said it hopes to eventually develop its own DeFi-related services that will implement blockchain oracle-a technology used to connect offline and on-chain environmental information.
At the end of last year, payment giant Visa also launched the USD Coin (USDC) settlement service for some U.S. financial institutions on the Solana blockchain, which is one of the more advanced cases in the stablecoin project.
Other large payment providers exploring the use of stablecoins to improve payments and settlements include Mastercard and South Korea\'s BC Card.
