Toss operating company Viva Republica announced on the 8th that it signed a memorandum of understanding (MOU) with global Ethereum Layer 2 project Optimism and privacy technology company Sunnyside Labs to verify digital financial infrastructure for developing won-pegged stablecoins. The partnership aims to explore the possibility of developing won-linked stablecoins through technical validation. Toss is joining hands with blockchain infrastructure provider Optimism and privacy specialist Sunnyside Labs to test whether blockchain technology can meet institutional financial requirements in Korea's digital finance sector.
Three Parties Launch Three-Month Technical Verification for OP Stack Application
The three companies plan to conduct a proof of concept (PoC) over the next three months to verify whether Optimism's blockchain development framework 'OP Stack' can be applied to domestic digital financial infrastructure. The PoC will focus on verifying core functions necessary for institutional finance including payment and settlement control functions for financial institutions, implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, and protection of transaction information in public blockchain environments.
Optimism Provides Blockchain Infrastructure While Sunnyside Labs Handles Privacy Technology
Optimism is responsible for blockchain-based infrastructure while Sunnyside Labs handles privacy technology. Sunnyside Labs' 'Privacy Boost' is an institutional solution designed to allow financial institutions to verify necessary information while preventing exposure of sensitive information such as transaction details and balances to external parties. Toss plans to verify the possibility of building dedicated blockchain infrastructure that meets financial institution requirements based on Ethereum's security through this collaboration.
Toss Commands 30 Million Users and 500,000+ Payment Locations
Toss currently has approximately 30 million subscribers and has secured over 500,000 online and offline payment infrastructure locations. Based on this foundation, the company plans to gradually expand next-generation financial services combining blockchain technology.
Optimism Operates 30+ Blockchains Including Soneium and World Chain
Optimism is a Layer 2 project that improves transaction processing speed and costs while maintaining Ethereum's security. Approximately 30 blockchains are operating based on OP Stack, including Sony's Soneium, World Chain, and Uniswap's Unichain. Kyle Jenke, Chief Business Officer of Optimism, stated, "Toss, which has led digital innovation in Korean finance, is a company that has already internalized excellent compliance and security infrastructure at the level of institutional finance. We have high expectations as we work with the most trusted partner in the market." Kim Gyu-ha, Chief Business Officer of Toss, stated, "For Web3 technology to be successfully integrated into institutional finance, strict regulatory compliance and strong privacy protection are essential. We will verify the possibility of building highly reliable compliance-based digital financial infrastructure optimized for the Korean market using Optimism's proven OP Stack."
FAQ
What did Toss announce on the 8th regarding stablecoin development?
Toss operating company Viva Republica announced on the 8th that it signed an MOU with Optimism and Sunnyside Labs to verify digital financial infrastructure for developing won-pegged stablecoins through a three-month proof of concept.
What core functions will the three-month PoC verify?
The PoC will verify payment and settlement control functions for financial institutions, implementation of KYC and AML requirements, and protection of transaction information in public blockchain environments.
