Toss, operated by Viva Republica, is exploring the potential for building a blockchain-based payment and settlement infrastructure in collaboration with Circle, one of the world's largest stablecoin issuers.
On July 23, Toss and Toss Bank announced that they have signed a strategic memorandum of understanding (MOU) with Circle Internet Financial to examine collaboration opportunities in blockchain-based payment infrastructure and stablecoin technology.
Under this agreement, the three parties will jointly explore methods for establishing payment and settlement infrastructure utilizing stablecoins and blockchain technology. They will assess the potential for integrating Circle's blockchain infrastructure with the financial ecosystems of Toss and Toss Bank, while also seeking service models that comply with regulatory frameworks.
Toss aims to enhance the digital payment experience based on its expertise in operating super app-based financial services. The company plans to investigate the use of blockchain technology in digital wallets and payment and settlement infrastructure, as well as explore various integration options, including biometric authentication for payments, the use of USDC-based financial instruments, and on-chain programmable payments.
As an internet-only bank, Toss Bank will examine the potential for linking account-based financial infrastructure with global payment networks. The bank plans to explore ways to improve the efficiency of overseas payment and settlement processes by connecting stablecoin infrastructure with existing fiat currency payment systems.
They will also consider collaboration opportunities in the area of won-based digital assets and tokenized financial services, in accordance with relevant regulatory frameworks. Additionally, they plan to work together on areas necessary for providing secure services, including regulatory compliance, risk management, security, and anti-money laundering (AML).
Kim Kyu-ha, Chief Business Officer of Toss, stated, "We are exploring various technological collaboration possibilities to provide users with a more natural and convenient payment experience. We will continuously strengthen our service competitiveness to keep pace with the rapidly changing payment environment."
* This article has been translated by AI.
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