Chainlink, a blockchain infrastructure company, has joined a big banking project to improve international money transfers using stablecoins. Called Project Pangea, it brings together 47 banks and financial firms from Europe and South Korea, with over $10 trillion in assets.
The project wants to greatly speed up foreign exchange settlements. Normally, these take two business days, known as T+2 settlement. Project Pangea hopes to make settlements almost instant by using regulated euro- and Korean won-backed stablecoins.
The project involves the European stablecoin group Qivalis and the Korean banking alliance UniKA. They plan to test if stablecoins can be exchanged using atomic payment-versus-payment settlement, which makes sure both sides of a deal happen at the same time.
Chainlink leaders say the goal is to move past blockchain experiments and build real financial infrastructure. The group hopes to start live transactions within a legal framework in the next year.
A key part of the project is making sure it works with current banking systems. Instead of forcing banks to change their setup, Project Pangea lets them keep using networks like SWIFT and ISO 20022. Chainlink’s technology will connect traditional banks with blockchain settlement systems.
The project will first focus on trade between Europe and South Korea, which sees over $150 billion in trade each year. This region was chosen because Asia is now a major centre for stablecoin use, making up a big part of global stablecoin payments.
Supporters think faster settlements could lower risk, help manage cash better, and let businesses get their money sooner. For companies trading internationally, even small-time savings can free up a lot of working capital.
Some people compare this project to Ripple’s cross-border payment plans, but Chainlink says it does not want to compete with current networks. Instead, it aims to offer technology that helps banks update their systems.
NEW: Chainlink & multinational banking consortia launch Project Pangea to develop a novel solution redefining international FX markets.
Pangea brings together 50+ banks, representing $10+ trillion AUM, to unlock T+0 cross-border settlement via Chainlink & ISO 20022 standards 🧵 pic.twitter.com/hcEjxKthd6
— Chainlink (@chainlink) June 23, 2026
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