Toss, Toss Bank sign MOU with Circle to explore stablecoin-based payment cooperation

Toss and Toss Bank announced Thursday they have signed a strategic MOU with Circle Internet Group — the issuer of USDC, the world's second-largest stablecoin — to explore cooperation in blockchain-based payment infrastructure and stablecoin technology.

Under the agreement, the three companies will jointly examine opportunities to collaborate on payment and settlement infrastructure using stablecoin and blockchain technology. They plan to explore ways to connect Circle's infrastructure with the Toss and Toss Bank ecosystems within the bounds of applicable regulations, and to identify potential uses for blockchain-based payment and settlement infrastructure.

Toss will draw on its experience operating a super-app financial platform to explore ways to enhance digital payment experiences using blockchain technology. The company plans to examine potential applications across digital wallets and payment and settlement infrastructure. It will also look into biometric authentication-based payment experiences, USDC-based financial instruments, and connections to blockchain networks for on-chain programmable payments.

Toss Bank will draw on its experience running an internet-only bank to explore cooperation in cross-border payment and settlement infrastructure using stablecoin and blockchain technology. It also plans to examine how stablecoin infrastructure can be linked with existing fiat currency payment networks, and to identify ways to improve the speed and efficiency of global payment and settlement structures by leveraging its bank account-based settlement capabilities.

In addition, the three companies will explore cooperation in won-based digital assets and tokenized financial services within the relevant regulatory framework. They also plan to work together on areas essential to safe service delivery, including regulatory compliance, risk management, security and anti-money laundering measures.

Kim Gyu-ha, chief business officer of Toss, said the company is reviewing various technology cooperation opportunities to provide users with a more seamless and convenient payment experience. "We will continue to strengthen our service competitiveness in line with the rapidly changing payments landscape," he said.

Park Jin-hyun, chief strategy officer of Toss Bank, said that for stablecoin-based payment and settlement infrastructure to expand into real financial services, frameworks for regulatory compliance, risk management and customer protection must be established alongside the technology. "As an internet-only bank, we plan to continue exploring the possibilities of new technology-based services that are safe and trustworthy," he said.

Dante Disparte, chief strategy and policy officer of Circle, said he was pleased to explore the potential applications of stablecoin technology and blockchain-based payment infrastructure together with Toss and Toss Bank. "We expect this collaboration to demonstrate our shared commitment to advancing digital financial services that pursue both innovation and regulatory compliance," he said.

Meanwhile, Circle CEO Jeremy Allaire, who visited South Korea in April, told local media that Circle was not considering issuing a won-denominated stablecoin directly. "I have heard that legislation related to a won stablecoin will take a consortium-led form," he said. "We will look for ways to cooperate with Korean companies that seek to issue stablecoins through that process."