Solana has strengthened its position in the digital payments sector after South Korea’s leading payment processor, KG Inicis, entered into an agreement with the Solana Foundation to integrate stablecoin payments into its existing checkout infrastructure. The memorandum of understanding was signed on June 22 at KGTower in Seoul, marking a significant step toward bringing blockchain-powered payments to one of Asia’s largest online commerce networks.
KG Inicis currently processes around 40% of South Korea’s online payment market and facilitates more than 400 million transactions annually, giving the partnership substantial commercial scale. In addition to the primary agreement, KG Financial also finalized a separate collaboration with the Solana Foundation after both organizations completed several months of successful testing.
The partnership aims to introduce stablecoin checkout for online purchases, recurring subscription payments, multi-merchant split payments, and token-based merchant rewards across KG Inicis’ extensive payment ecosystem serving approximately 220,000 merchants.
The agreement represents the third major collaboration between Solana and a South Korean financial institution within two months. Earlier, Toss Bank began testing stablecoin-based international transfers inside its banking application, while Shinhan Card had already conducted blockchain payment trials in April.
The growing interest from established financial companies comes as South Korean lawmakers continue developing the Digital Asset Basic Act, signaling that major corporations are preparing their blockchain strategies ahead of a comprehensive regulatory framework.
Stablecoin Network Continues Rapid Expansion
Solana’s stablecoin ecosystem has experienced significant growth, with approximately $15.21 billion in stablecoin value currently circulating on the network. USDC accounts for nearly 48% of that amount, giving Solana close to 5% of the global stablecoin market, which is valued at roughly $309 billion.
The addition of KG Inicis is expected to accelerate stablecoin adoption by bringing blockchain-based payments to hundreds of thousands of merchants and millions of online transactions within South Korea.
BREAKING: Korea’s KG Inicis is set to bring stablecoin payments to Solana.
South Korea’s largest payment platform moves over KRW 25 trillion a year. Now it’s putting stablecoins to work as an online payment method, with token-based merchant rewards to follow. pic.twitter.com/tz3fkioRqo
— Solana (@solana) June 23, 2026
The network has also expanded beyond cryptocurrency applications into mainstream financial services, with companies such as MoneyGram and Western Union already utilizing its infrastructure. Industry observers expect KG Inicis to announce a merchant pilot program in the coming months, with a broader public rollout potentially taking place during the third or fourth quarter of 2026.
Allfunds Blockchain Brings Tokenized Funds to Solana
In another major development, Allfunds Blockchain revealed plans to expand the distribution and accessibility of tokenized investment funds through the Solana network. The initiative will allow tokenized funds to remain available across both traditional financial systems and on-chain environments, creating broader access for institutional and digital investors.
The expansion is designed to establish a commercial connection between conventional fund distribution networks and decentralized finance ecosystems. Through this framework, institutional fund distribution and Web3 markets are expected to operate within a unified financial architecture while creating new investment opportunities.
Allfunds connects more than 3,300 asset management and financial firms worldwide and manages nearly €1.8 trillion in assets under administration as of March 2026. Through Solana’s public blockchain infrastructure, asset managers and transfer agents will gain access to additional distribution channels while continuing to operate through familiar institutional networks.
Rubén Nieto, Head of Allfunds Blockchain, indicated that the collaboration would move tokenization from theory into practical implementation. He explained that thousands of traditional fund managers would be able to access Web3 liquidity pools through trusted procedures, while distributors would benefit from simplified access to new digital investment products.
The collaboration is expected to create a bridge between Europe’s established fund industry and Solana’s blockchain infrastructure, enabling institutional distribution and decentralized liquidity to function within a single ecosystem.
Ben Brophy, who leads Institutional Growth for Europe at the Solana Foundation, noted that the increasing migration of funds onto blockchain networks demonstrates how decentralized liquidity and institutional finance can coexist effectively. The implementation is being supported by ioBuilders through its Asseto platform, which serves as the integration layer for issuing and managing tokenized funds while maintaining operational and regulatory compliance. Risk assessments for qualified products will be conducted through Particula’s evaluation framework.
