Toss Teams Up with Optimism and Sunnyside Labs for Won-Pegged Stablecoin PoC

Toss, a South Korean fintech company, has partnered with Optimism and Sunnyside Labs to develop a won-pegged stablecoin. The three companies signed a memorandum of understanding on July 8 to explore the feasibility of developing a digital financial infrastructure based on the Korean won.

The proof-of-concept (PoC) will run for three months and examine whether financial institutions can directly control payment and settlement processes, how know-your-customer and anti-money laundering requirements can be implemented technically, and how to protect individual transaction data on a public network.

Optimism will provide the blockchain infrastructure, while Sunnyside Labs will supply the privacy technology. Privacy Boost is an institutional solution designed to mask key information from outside parties, addressing the public nature of blockchains.