Toss, Toss Bank review stablecoin payment infrastructure with Circle

Toss and Toss Bank are teaming up with global stablecoin issuer Circle to review a payment and settlement model using USDC and the possible adoption of digital asset infrastructure.

Toss and Toss Bank said on July 23 they signed a strategic business agreement with Circle Internet Group to cooperate on blockchain-based payment infrastructure and stablecoin technology.

Under the agreement, the three companies will explore ways to link Circle’s stablecoin and blockchain infrastructure with the financial services ecosystem of Toss and Toss Bank, within the scope of the relevant regulatory framework.

Toss will review ways to apply blockchain technology to digital wallets and payment and settlement infrastructure, based on its experience operating a super app.

It will also look at the possible use of financial services that link biometric authentication-based payment services with the dollar stablecoin USDC, as well as programmable payments in which transactions are automatically executed on a blockchain based on conditions.

Toss Bank will review the potential for cooperation in overseas payments, remittances and settlement infrastructure using stablecoins and blockchain technology.

It will also explore ways to connect stablecoin infrastructure with existing fiat currency payment networks and use its bank account-based settlement capabilities to improve the speed and efficiency of processing global payments and settlements.

The three companies also agreed to review potential cooperation in won-based digital assets and tokenised financial services in line with changes in South Korea’s regulatory framework. Cooperation will also cover regulatory compliance and risk management, security, anti-money laundering (AML), and establishing user protection systems.

Kim Gyu-ha (김규하), Toss’ chief business officer, said it is reviewing various technology cooperation options to provide users with a convenient payment experience. He said it will strengthen service competitiveness in line with changes in the payment environment.

Park Jin-hyun (박진현), Toss Bank’s chief strategy officer, said regulatory compliance, risk management and customer protection systems must be put in place for stablecoin-based payment and settlement infrastructure to expand into financial services. He said it will review the potential of safe and reliable technology-based services.