Chainlink Teams with Over 50 Banks for Blockchain-Based Foreign Exchange Settlement

Chainlink has announced Project Pangea, a collaboration with over 50 banks to modernize foreign exchange settlement using blockchain infrastructure.

The initiative brings together global financial institutions from Europe and South Korea, representing more than $10 trillion in combined assets under management.

Project Pangea aims to address the existing 48-hour settlement cycle and fragmentation in the FX markets by exploring the exchange of regulated stablecoins through atomic payment versus payment (PvP) settlement.

The project leverages Chainlink technology alongside the existing SWIFT Infrastructure and ISO 20022 messaging that banks already use, providing oracle data, interoperability, and orchestration standards for cross-chain and cross-border transactions.