Chainlink Joins Banks on Stablecoin FX Settlement Initiative

Chainlink has joined forces with major banking groups to launch Project Pangea, an initiative aimed at developing stablecoin-based foreign exchange settlement between Europe and South Korea.

The project will target direct exchanges between regulated euro (EUR) and Korean won (KRW) stablecoins, reducing the need for intermediary currencies and separate settlement steps.

The participating banks include those from Europe and South Korea, with Qivalis representing a consortium of 37 European banks and UniKA representing a coalition of over ten commercial banks in South Korea.

Chainlink will provide data, interoperability, and transaction orchestration for the proposed settlement network, connecting existing banking systems with public and private blockchain networks.