On Tuesday, Chainlink officially announced the launch of “Project Pangea.” This is a strategic working group that unites more than 10 South Korean commercial banks (under the UniKA alliance) and a European banking consortium composed of 37 global financial institutions.
Blockchain infrastructure provider Chainlink has joined a banking coalition representing more than $10 trillion in assets under management to advance real-time, stablecoin-powered cross-border payments for foreign exchange (FX) transactions. The initiative, known as Project Pangea, brings together Chainlink, Qivalisa euro stablecoin consortium supported by 37 European banksand UniKA, a South Korean banking alliance representing over 10 commercial banks.
Chainlink, a coalition of Korean commercial banks, and a 37-member European bank consortium announced Project Pangea on June 23, a working group focused on replacing the global foreign exchange market's existing T+2 settlement cycle with real-time, stablecoin-based T+0 settlement.
Chainlink, UniKA, and Qivalis unite to deliver atomic T+0 EUR-KRW stablecoin settlement
The integration of Chainlink in cross-border settlements could revolutionize global trade efficiency, reducing risks and unlocking capital. Chainlink joins 47 banks to enable T+0 cross-border settlements between Europe and South Korea.
Chainlink collaborates with banking institutions to pilot stablecoin foreign exchange infrastructure.
Project Pangea could revolutionize global finance by enhancing cross-border transactions, reducing risks, and integrating blockchain with existing systems. Chainlink, Korean and European banks launch Project Pangea.
Banks across Europe and South Korea will study whether regulated euro and won stablecoins can enable real-time cross-border foreign exchange settlement.
The alliance, called Project Pangea, plans to use stablecoins to settle multimillion-dollar currency trades between Europe and South Korea in near real time.
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