The Solana Foundation has signed a memorandum of understanding with South Korean fintech company KSNET to explore integrating Solana's blockchain payment infrastructure into a merchant network serving more than 330,000 businesses across the country.

KSNET operates one of South Korea's larger payment and settlement networks, processing nearly $4 billion in monthly transaction volume. The partnership could create a pathway for digital asset payment technologies to reach mainstream commerce at significant scale in a country that already ranks among the world's largest digital asset trading markets and possesses one of Asia's most digitized retail payment environments, led by platforms such as KakaoPay, Naver Pay, and Toss.

BREAKING: Korean fintech giant KSNET is bringing payments on Solana to its network of 330,000+ merchants

As part of an MOU with Solana Foundation, KSNET will integrate Solana Pay into a payment network processing $4B in monthly volume. pic.twitter.com/XYcccF3H3Q

— Solana (@solana) July 30, 2026

Proof-of-Concept Projects to Evaluate Solana Pay

The collaboration will initially center on two proof-of-concept projects designed to evaluate the technical and commercial feasibility of blockchain-powered payments. Solana's blockchain is known for high transaction throughput and low per-transaction costs, characteristics that its proponents argue make it suitable for high-volume retail payment scenarios.

The first project will examine the integration of Solana Pay into KSNET's existing online and offline merchant payment infrastructure. The companies aim to demonstrate that blockchain-native transactions can function efficiently within conventional payment environments without disrupting merchant operations. The project will also assess whether Solana Pay can maintain compatibility with modern financial technologies while supporting payment processes already used by businesses and consumers.

The second project will explore artificial intelligence-driven commerce through the x402 protocol. The companies plan to evaluate how the protocol could support automated or AI-assisted payment functions within KSNET's internally tested AI payment network. The x402 protocol is expected to be assessed as part of broader efforts to develop advanced payment capabilities for emerging forms of digital commerce. No timetable has been disclosed for the deployment of commercial AI-based payment services.

Compliance and Korean Won Settlement at the Core

Regulatory compliance will be a central component of the proposed payment framework, and this focus aligns with South Korea's evolving digital asset regulatory landscape. Under the country's Act on Reporting and Using Specified Financial Transaction Information, virtual asset service providers are required to register with financial authorities and implement anti-money laundering controls. KSNET plans to incorporate strict anti-money laundering measures to prevent illicit funds from entering the payment network.

The payment model is expected to remain aligned with South Korean financial regulations and continue using the country's existing Korean won settlement system. Maintaining compatibility with local settlement infrastructure could help reduce liquidity concerns commonly associated with digital asset transfers and limit exposure to exchange-rate volatility.

KSNET Chief Executive Officer Park Han-han indicated that the company intends to apply its experience in payment processing and settlement services to develop a secure payment environment for consumers. He stated that the company would focus on combining its existing financial infrastructure with emerging blockchain technologies while maintaining strong security and regulatory standards.

Next Steps

Following the completion of technical testing and verification, Solana and KSNET are expected to gradually develop commercialization plans that comply with South Korea's financial regulations. The partnership reflects growing interest in integrating blockchain technology into established payment systems rather than replacing existing financial infrastructure. If the proof-of-concept projects produce favorable results, the collaboration could create a larger role for blockchain-based payments in South Korea's retail and digital commerce markets.