Chainlink launches Project Pangea with 50+ banks for real‑time stablecoin FX settlement

Chainlink has partnered with a banking alliance of more than 50 institutions representing over $10 trillion in assets to create Project Pangea. The consortium includes the European euro‑stablecoin group Qivalis (backed by 37 banks) and the South Korean UniKA alliance (more than 10 commercial banks). Using Chainlink’s cross‑chain interoperability, data streams and runtime environment, the project will test atomic payment‑versus‑payment swaps of euro‑ and won‑pegged stablecoins to achieve near‑instant (T+0) foreign‑exchange settlement. The design integrates existing Swift messaging and ISO 20022 standards, allowing banks to keep their legacy systems while gaining on‑chain liquidity.

Project Pangea initially targets the Europe–South Korea trade corridor, which handles over $150 billion in annual trade. Chainlink’s vice‑president for Asia‑Pacific and the Middle East, Niki Ariyasinghe, said the aim is to move settlement from the current T+2 timeframe to real‑time settlement within the next 12 months, reducing counterparty risk and liquidity costs. The effort is positioned as a technology‑provider role rather than a direct competitor to existing cross‑border payment networks.