Toss is accelerating efforts to build a system that can store digital assets such as stablecoins and use them for transfers and payments.

Toss is currently hiring a blockchain platform product owner to lead the development of a digital asset custody, deposit and withdrawal system, financial industry sources said on the 10th. The plan is to set up a system that securely stores users' digital assets and then develop it into a common platform that can connect digital asset transfer and payment functions to a range of Toss services.

Toss is also designing detailed operating policies. The company plans to establish response procedures for assets sent to the wrong address and for transactions placed on hold, and to prepare for handling post-payment refunds and settlement adjustments. The range of digital assets to be supported and the conditions for allowing withdrawals are also under review.

The platform is expected to serve as the foundation for a proprietary wallet covering the storage, transfer and payment of digital assets such as stablecoins. If the platform is linked to the Toss app, for example, users could hold stablecoins within the app and send them to acquaintances or use them for payments when needed.

Toss has previously worked with companies at home and abroad to study stablecoin technology and potential applications. In July, Toss and Toss Bank signed a memorandum of understanding with Circle, the issuer of the dollar stablecoin USD Coin (USDC), agreeing to explore cooperation in digital asset wallets and payment, transfer and settlement infrastructure. "We are at the stage of securing the technical stability and operational capabilities required in an actual financial environment," a Toss official said.

Original reporting by Kim Jung-woo for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

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