Toss, operated by Viva Republica, is collaborating with global blockchain technology companies to validate next-generation digital financial infrastructure, including a won-based stablecoin. The goal is to establish a blockchain-based payment and settlement environment that meets regulatory and security standards equivalent to those of traditional finance.
On July 8, Toss announced that it has signed a strategic memorandum of understanding (MOU) with Optimism and Sunnyside Labs to explore the development of a won-linked stablecoin.
The three companies will conduct a proof of concept (PoC) over the next three months to assess the feasibility of applying Optimism's core technology, the 'OP Stack,' to South Korea's blockchain-based digital financial infrastructure.
The key focus of this validation is to determine whether the regulatory and security levels required by financial institutions can be implemented in a blockchain environment. Specifically, they will examine whether financial institutions can directly control the payment and settlement processes, whether customer verification (KYC) and anti-money laundering (AML) systems can be technically applied, and whether transaction information can be securely protected on a public blockchain network.
Toss plans to gradually evaluate the potential for building blockchain-based financial infrastructure through this collaboration. The company aims to explore whether it can expand into digital financial infrastructure applicable in payment and settlement areas, including a won-based stablecoin.
Currently, Toss is expanding its financial platform business, leveraging a subscriber base of approximately 30 million and over 500,000 online and offline payment infrastructures. The strategy involves combining existing financial services with blockchain technology to create a new digital financial ecosystem.
Kim Kyu-ha, Chief Business Officer (CBO) of Toss, stated, "For Web3 technology to be successfully integrated into traditional finance, strict regulatory compliance and robust privacy protection are essential. We will validate the potential for building a compliance-based digital financial infrastructure optimized for the Korean market using the OP Stack."
* This article has been translated by AI.
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