Chainlink Partners with Banks on Stablecoin-Powered FX Settlements

Chainlink has partnered with major banking and digital asset organizations to launch Project Pangea, a collaborative initiative that explores the use of stablecoin-powered foreign exchange settlements. The project brings together more than 50 financial institutions representing over $10 trillion in assets under management.

The initiative aims to test direct atomic swaps between euro- and South Korean won-backed stablecoins using existing banking infrastructure and blockchain technology. Participating institutions will evaluate whether this approach can improve efficiency in cross-border settlement within the $9.6 trillion daily foreign exchange market.

Project Pangea combines Chainlink's interoperability and data infrastructure with FairSquareLab's settlement technology, Swift connectivity, and ISO 20022 messaging standards to facilitate payment-versus-payment settlement between stablecoins.