Written by Zoltan Vardaistaff writerReviewed by Yohan Yunstaff writer
Written by Zoltan Vardaistaff writer
Reviewed by Yohan Yunstaff writer
Mobile app Toss and blockchain Optimism to conduct Korean won stablecoin POC : report
Latest NewsPublishedJul 8, 2026
Toss has reportedly partnered with Optimism and Sunnyside Labs for a proof of concept on the feasibility of a Korean won-based stablecoin for payments.
Viva Republica, the operator of South Korea-based mobile money transfer app Toss, reportedly signed a memorandum of understanding with blockchain company Optimism to test a Korean won-based stablecoin infrastructure for institutional payments.
The companies, along with privacy solutions provider Sunnyside Labs, will conduct a three-month proof of concept (PoC) using Optimism’s OP Stack and Sunnyside’s Privacy Boost protocol to develop a Korean won-based stablecoin and assess whether these technologies can be applied to domestic blockchain-based payment infrastructure for financial institutions, reported Yonhap News on Wednesday.
The PoC 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 can remain private on a public blockchain ledger.
Toss plans to utilize the three-month PoC as the foundation for building compliant stablecoin-based payment infrastructure in the country, as reported by the report.
Cointelegraph has approached Toss for more details about the stablecoin pilot.
Toss app homepage. Source: Toss.im
Optimism will provide the blockchain infrastructure, while Sunnyside Labs will provide the privacy-preserving technology to shield transfers. Sunnyside is a core developer for the Optimism Collective and has been building core OP Stack infrastructure.
Seoul-headquartered Toss was introduced in 2015 and claims it has more than 30 million users on its mobile application.
Related: Kiwoom eyes Bithumb stake as Korean brokerages push into crypto: Report
Payments giants test stablecoins for improved settlement
Toss’ PoC follows similar stablecoin-based initiatives from other large financial institutions in the country.
In late April, one of South Korea’s largest credit card providers, Shinhan Card, teamed with the Solana Foundation to test the commercial feasibility of stablecoin payments and the utilize of non-custodial wallets, after completing a joint pilot project earlier that month.
Shinhan Card stated it hoped to eventually develop its own DeFi-linked services that implement blockchain oracles, a technology used to connect information in offchain and onchain environments.
Late last year, payments giant Visa also introduced USD Coin (USDC) settlement services for some US-based financial institutions on the Solana blockchain in one of the more advanced examples of stablecoin projects.
Other large payment providers exploring stablecoins for improved payments and settlement include Mastercard and South Korea’s BC Card.
Magazine: The biggest blockchain upgrades still to come in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Stablecoin
- Payments
- South Korea
- KYC
- AML
- Privacy
- Blockchain
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