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Key Takeaways
- KG Group and the Solana Foundation signed an MOU to build stablecoin payment infrastructure across KG’s 220,000-merchant network in South Korea.
- Both parties completed joint proof-of-concept projects covering stablecoin issuance and real-world payments before formalizing the agreement.
- Toss Bank separately signed its own Solana MOU targeting stablecoin-based cross-border remittances; both deals remain at the proof-of-concept stage with no commercial launch dates announced.
South Korea’s KG Group has signed a strategic memorandum of understanding with the Solana Foundation to develop a digital asset payments network targeting stablecoin settlement across its merchant base. KG Financial CEO Yoo Seung-yong and Solana Foundation President Lily Liu formalized the agreement at KG Tower in Jung-gu, Seoul.
KG Financial and Solana Foundation Formalize Months of Joint Development Work
The MOU formalizes collaboration that began in April. Both parties have already completed joint proof-of-concept projects covering stablecoin issuance and real-world payment services, and KG Financial said it concluded the model is commercially viable and technically feasible.
The agreement covers joint development of stablecoin-based payment and settlement systems, creation of digital payment service proofs of concept, and integration of Solana with existing regulated payment gateway services and prepaid card platforms.
KG Financial, formerly known as KG Mobilians, operates affiliate KG Inicis, a payment gateway with reach across Korean online commerce. The broader KG payments network covers roughly 220,000 active merchants across retail and digital channels nationwide, and KG Inicis processes over KRW 25 trillion annually, according to the Solana Foundation’s Korean-language social media account.
Toss Bank Separately Signed Its Own Solana MOU for Cross-Border Remittances
Days before the KG Group announcement, Toss Bank signed a separate MOU with the Solana Foundation to test stablecoin-based international remittances within a regulated digital banking application.
That agreement covers four areas: a proof of concept for global remittance and settlement infrastructure built on Solana; joint research into blockchain-based payment and settlement models; exploration of stablecoin and digital asset financial services; and a longer-term cooperation framework that includes integration with overseas banking partners and AML/KYC compliance systems.
Toss Bank serves approximately 15 million customers and already operates a live international remittance product launched in January that supports seven currencies across 30 countries. The Solana-based proof of concept would target improvements to that existing remittance service, according to a joint statement from the parties. Toss Bank’s parent company, Viva Republica, is targeting a U.S. IPO in 2026 at a valuation exceeding $10 billion.
The firm has raised over $1.2 billion from investors including GIC, Sequoia China, and Kleiner Perkins, and boosted Toss Bank’s paid-in capital to roughly 1.4 trillion won, approximately $1 billion, across six funding rounds.
Solana Hosts $15.21 Billion in Stablecoin Market Cap, Per DeFiLlama
Solana currently hosts approximately $15.21 billion in stablecoin market capitalization, according to DeFiLlama, with USDC accounting for roughly 48% of that figure. CoinGecko data places the global stablecoin market at approximately $309 billion, putting Solana’s share at close to 5%.
Separately, the Solana Foundation has signed an MOU with Korean firm Wavebridge for a KRW-pegged stablecoin designed for institutional use, according to CryptoNews. The agreement targets on-chain settlement and tokenized deposit functionality involving major Korean banks, with the stablecoin designed to meet institutional and regulatory requirements.
KG Financial, Toss Bank, and Wavebridge MOUs Remain at Proof-of-Concept Stage
KG Financial’s deal targets merchant-facing payment settlement, while Toss Bank’s focuses on consumer cross-border remittances within a licensed banking application, and Wavebridge’s covers a KRW-pegged stablecoin for institutional use. All three remain at the proof-of-concept and MOU stage, with no commercial launch dates announced.
