Jeonbuk Bank Completes Solana Private-Channel Stablecoin Remittance PoC With Solana Foundation and Node Infra

South Korea's Jeonbuk Bank, part of JB Financial Group, has completed a proof of concept (PoC) for cross-border stablecoin remittances run through a Solana SOL$118.56-0.8% private channel, working with the Solana Foundation and blockchain infrastructure firm Node Infra. The bank announced the result on 30 September 2026, saying it ran the whole remittance path in its real banking operations environment: a Korean won on-ramp, a stablecoin exchange, an escrow deposit, settlement on the channel and payout by a receiving bank abroad. The test scenario was a foreign worker in Korea sending wages home.

The announcement landed on the day of Solana Summit Korea. The official summit agenda for the 30 September event in Yeouido, Seoul, where the Solana Foundation is presenting partner, lists a Jeonbuk Bank session titled "Cross-Border Remittances for Foreign Clients and Stablecoin Bank Settlements." The work remains a test: Jeonbuk Bank says a customer service will follow only once South Korea's digital-asset law is in place.

What Jeonbuk Bank tested for foreign workers' remittances

Jeonbuk Bank's PoC modelled a migrant worker who holds wages earned in Korea as a won-based stablecoin, swaps it for the stablecoin the recipient's bank accepts, and has the money settled locally, according to edaily's report of the announcement. The reports do not name the specific stablecoins used or the destination country.

The bank also built the back office. Edaily reports that Jeonbuk Bank staff get an administrator screen covering the remittance request, sanctioned-country and limit checks, choice of payout asset, approval and final settlement.

The stablecoin swap happened inside the bank's own custody system rather than through an external cross-chain bridge, TokenPost reported. Edaily's report says the swap ran through an escrow operated by Jeonbuk Bank, which removes the stretch of the route where customer assets would sit with an outside protocol.

A Jeonbuk Bank official told edaily the bank had confirmed it could handle the entire overseas remittance process within the area it controls, and that the PoC tested, in a real working environment, the settlement capability banks will need once digital assets are regulated.

How Solana private channels hide remittance details

A Solana private channel lets a bank run transfers on its own confidential ledger and touch the public Solana chain only when money enters or leaves. Edaily's report describes the problem it fixes: most stablecoin remittances settle directly on a public blockchain, where anyone can see who sent how much to whom. For a bank, counterparties and amounts are confidential, so cheaper fees alone do not make that model usable.

The Solana Foundation publishes the software as open source in its solana-private-channels repository, which describes payment channels with direct access to Solana mainnet liquidity. The design has three on-chain pieces:

• an escrow program that holds tokens on mainnet when money enters a channel
• a withdrawal program that burns the channel's tokens and releases mainnet funds when money leaves
• a delivery-versus-payment swap program for atomic exchanges, where both sides of a trade settle together or not at all

Inside the channel, the operator runs a transaction pipeline with near-instant finality and sets the rules on who can take part. The repository offers two privacy options at exit. Batched settlement groups many withdrawals into one mainnet posting so individual payments are harder to trace. Token-2022 confidential transfers encrypt amounts with zero-knowledge proofs, so only the holder and the operator can see balances.

In Jeonbuk Bank's test, only deposits and final settlement results were recorded on the public chain, while the bank could check its ledger and balances at any time, according to edaily. The closest traditional comparison is a bank's internal book that nets transfers during the day and settles only the balance with other banks.

The software is early. The repository states: "This code has not been audited and is under active development. Use at your own risk. Not recommended for production use with real funds without a thorough security review." Jeonbuk Bank describes its work as a technology verification, which matches that status.

Bravo Korea and South Korea's Digital Asset Basic Act

Jeonbuk Bank already runs Bravo Korea, an app for foreign residents in Korea that handles their remittances home. The bank plans to connect the private-channel settlement to Bravo Korea as a live service once digital assets are regulated, edaily reported. TokenPost reported the same plan and the same regulatory condition.

Edaily ties the timing to two conditions: the Digital Asset Basic Act has to pass the National Assembly, and won-denominated stablecoins have to be in circulation. After that, Jeonbuk Bank says customers would request a remittance the same way they do now while the bank settles in stablecoins behind the scenes.

Jeonbuk Bank is also working with other rails. On 18 August 2026, Ripple announced a partnership under which Jeonbuk Bank would use Ripple Payments for cross-border remittances. The bank's president, Park Choon-won, said in that release that it wants to move beyond its role as a regional bank.

Korean banks line up Solana stablecoin tests

Jeonbuk Bank's result adds to a run of Korean institutions testing stablecoin settlement with the Solana Foundation. In June 2026, Toss Bank signed an MOU with the Solana Foundation to test stablecoin cross-border remittances, and in August 2026 Shinhan Asset Management signed a four-party MOU for a won tokenized fund.

On 30 September, Shinhan Bank separately said it had completed a demonstration of stablecoin settlement for corporate overseas remittances, with the Solana Foundation as technical partner, Financial News reported. In Shinhan's version, corporate clients keep using their existing corporate banking and foreign-currency accounts, and the bank handles the stablecoin transfer and settlement. Shinhan said it will look at a real service as regulation develops.

The Solana Foundation has been building its payments team over the same period, naming Jamal Raees GM of Payments in September 2026, and its September remittances report set out the fee case for stablecoin transfers.

Why Solana private channels suit bank stablecoin remittances

Edaily describes Solana private channels as a structure the Solana Foundation designed specifically for financial institutions: the bank runs its own ledger while drawing on the liquidity of the public mainnet. That combination is what the PoC tested. A bank that cannot put customer names and amounts on a public chain can still settle against the same stablecoin pool every other Solana user reaches, without handing assets to a bridge in the middle. Jeonbuk Bank's first target for it is the migrant-worker remittance corridor it already serves through Bravo Korea, once Korean law allows won stablecoins to circulate.