Toss operator Viva Republica and Toss Bank announced on the 23rd a strategic memorandum of understanding with Circle Internet Group for blockchain-based payment infrastructure and stablecoin technology cooperation. The partnership will examine Circle's US dollar stablecoin USDC and blockchain technology for payment and settlement systems. The collaboration explores integrating Circle's infrastructure with Toss and Toss Bank services within regulatory frameworks, covering blockchain payments, real-time settlements, overseas remittances, and future won-based digital assets and tokenized financial services.
Toss and Circle Establish Payment Infrastructure Cooperation Framework
Under the MOU, the three companies will jointly examine the applicability of Circle's USDC and blockchain technology for payment and settlement infrastructure within compliant regulatory frameworks. They will explore methods to link Circle's infrastructure to Toss and Toss Bank services and review blockchain-based payment and real-time settlement models.
Toss will leverage its super-app financial service experience to enhance digital payment capabilities. The cooperation will examine digital wallets, payment and settlement infrastructure, biometric authentication-based payments, USDC-based financial services, and on-chain programmable payments linked to blockchain networks.
Toss Bank will explore overseas payment, remittance, and settlement infrastructure cooperation utilizing stablecoins based on its internet-only bank operating experience. The bank will examine methods to link stablecoin infrastructure with existing fiat currency payment networks and utilize bank account-based settlement systems to increase global payment and settlement speed and efficiency.
The three companies agreed to explore cooperation possibilities in won-based digital assets and tokenized financial services aligned with regulatory frameworks. They will continue cooperation for safe service provision including regulatory compliance, risk management, security, and anti-money laundering (AML).
Executives Outline Service Integration and Compliance Priorities
Kim Gyu-ha, Toss Chief Business Officer, stated: "We are examining various technology cooperation possibilities to provide users with more natural and convenient payment experiences. We will continue to strengthen service competitiveness in line with the rapidly changing payment environment."
Park Jin-hyun, Toss Bank Chief Strategy Officer, said: "For stablecoin-based payment and settlement infrastructure to expand into actual financial services, not only technology but also regulatory compliance, risk management, and customer protection systems must be prepared together. As an internet-only bank, we plan to continue examining possibilities for safe and reliable new technology-based services."
Dante Disparte, Circle Chief Strategy and Policy Officer, commented: "We are pleased to explore various application possibilities of stablecoin technology and blockchain-based payment infrastructure together with Toss and Toss Bank. This cooperation will serve as an opportunity to demonstrate joint commitment to digital financial service development that pursues innovation and regulatory compliance together."
A commemorative photo was taken on the 22nd at the Toss Sinnonhyeon office in Gangnam-gu, Seoul, featuring Kim Gyu-ha (Toss Chief Business Officer), Dante Disparte (Circle Chief Strategy and Policy Officer), and Park Jin-hyun (Toss Bank Chief Strategy Officer).
FAQ
What did Toss and Toss Bank announce on the 23rd?
Toss operator Viva Republica and Toss Bank announced a strategic memorandum of understanding with Circle Internet Group to explore blockchain-based payment infrastructure and stablecoin technology cooperation using Circle's USDC.
What areas will Toss Bank explore in the partnership with Circle?
Toss Bank will explore overseas payment, remittance, and settlement infrastructure cooperation utilizing stablecoins, methods to link stablecoin infrastructure with fiat currency payment networks, and bank account-based settlement systems to increase global payment and settlement speed and efficiency.
