Chainlink and banks unite for real-time stablecoin FX

Chainlink and 47+ European and South Korean banks have launched Project Pangea to explore real-time FX settlement with stablecoins. The initiative is still in the evaluation phase.

Chainlink has joined forces with major European and South Korean banking groups to launch Project Pangea, a working group dedicated to exploring regulated euro- and won-pegged stablecoins for foreign exchange (FX) settlement. The initiative unites over 47 banks, including the Qivalis euro stablecoin consortium—supported by 37 European banks—and the Unified Korea Alliance (UniKA), which consists of more than a dozen South Korean commercial banks. Project Pangea will test direct, atomic swaps of stablecoins using Chainlink’s data infrastructure and FairSquareLab’s on-chain FX settlement technology. The goal is to achieve near real-time, payment-versus-payment settlement, moving away from the traditional T+2 FX settlement model toward T+0, which could reduce counterparty risk and enhance liquidity. Although the group represents over $10 trillion in assets under management, Project Pangea is currently in the evaluation phase. It is not yet a live payment network, and there is no set timeline for production.