South Korean mobile money transfer giant Toss is jumping into the stablecoin game.
Operator Viva Republica signed a memorandum of understanding with blockchain firm Optimism and privacy solutions provider Sunnyside Labs for a three-month proof of concept. The goal? Build a Korean won-based stablecoin infrastructure for institutional payments.
The PoC will use Optimism’s OP Stack and Sunnyside’s Privacy Boost protocol. It’ll test whether financial institutions can control settlement, implement KYC and AML checks, and keep transactions private on a public blockchain.
Toss plans to use the pilot as a foundation for compliant stablecoin-based payment infrastructure. Optimism provides the blockchain layer. Sunnyside — a core developer for the Optimism Collective — handles the privacy tech to shield transfers.
Seoul-based Toss launched in 2015 and claims over 30 million users. They’re not alone in this push. Shinhan Card teamed up with Solana in April for stablecoin payments. Visa launched USDC settlement on Solana last year. Mastercard and South Korea’s BC Card are exploring similar moves.
If Toss’s pilot works, it could be a big step toward bringing stablecoins into mainstream Korean finance.
