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SOL South Korea\'s leading fintech platform explores online settlement
Toss (@toss__official)-a financial super app operated by Viva Republica-has signed a memorandum of understanding with Optimism (@Optimism) and privacy technology company Sunnyside Labs to jointly explore a Korean won stablecoin based on OP Stack.
The collaboration will kick off with a three-month proof-of-concept to assess whether OP Stack can meet the compliance, privacy protection and performance requirements required by regulated financial institutions.
Toss was launched in 2015 and has grown into South Korea\'s largest financial technology platform, providing payment, banking, investment, credit scoring, identity verification, tax and insurance services. As of July 2025, the number of users of this super app has exceeded 30 million, accounting for approximately 60% of South Korea\'s total population. Such a huge user base has made this pilot highly visible: once successfully implemented, the Korean Won-denominated stablecoins will be directly targeted at one of Asia\'s largest consumer finance audiences.
The proof-of-concept focuses on three key points
The proof-of-concept will focus on three core test points: whether financial institutions can directly control payment and settlement processes; whether KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements can be technically implemented; and whether individual transaction information on public networks can be securely protected.
Privacy, compliance and the road to product implementation
The three parties will use Optimism\'s OP Stack and Sunnyside Labs \'privacy-enhancing technology to evaluate payment settlement, compliance requirements and privacy protection. Privacy-enhanced technology is designed to address a key limitation of public chains-the details of transactions on the chain are often visible to all participants. The technology allows sensitive financial data to remain private while allowing regulated agencies to verify transactions and maintain compliance standards.
This work is in line with Toss\'s \"Money 3.0\" strategy, which aims to build payment and remittance channels based on stablecoins rather than relying solely on bank transfers. The company has registered 24 trademarks for the Korean won stablecoin, including names such as \"TOSSKRW\", and is developing a Web3 wallet within its super app to provide on-chain services to ordinary users.
It needs to be clear that this pilot is not an official product release. The three-month proof-of-concept cycle is relatively short, while in South Korea, it often takes years from technical feasibility to regulatory approval. No regulatory approval has yet been obtained, and details of specific token issuance have not been disclosed.
The move follows similar movements from other South Korean financial institutions. For example, Shinhan Card partnered with the Solana Foundation in late April to test the commercial feasibility of stablecoin payments. Over the past year, Bitpanda has chosen OP Stack to support its Europe-compliant blockchain;Kraken has adopted the technology through its Ink network; and Mitsui Digital Commodities has used it to tokenize precious metals in Japan-these cases demonstrate that in addition to the decentralized financial sector, institutions are increasingly interested in the infrastructure.
